Major buyout of food-to-go and prepped salad firm Bakkavor delayed as companies assess terms and conditions
A proposed takeover of prepped salad and food supplier Bakkavor by convenience giant Greencore has been pushed back as both firms consider terms and considerations.
The deal, which was announced at the beginning of April, would see Greencore spend £1.2bn in a cash and shares buyout, to create a new leading convenience food supplier with revenue worth £4 billion.
According to a statement, Bakkavor requested an extension to finalise the agreement until 5pm on 23 May. It will use the time to continue discussions with Greencore over terms and conditions, as well as mutual due diligence, the statement said.
Speaking at the time of the initial announcement last month, Eamon O’Hearnn, national officer at union GMB, said: “This is a massive merger and could possibly pique the curiosity of the Competition and Market Authority’s new boss.
“Whether it does or now, companies ‘assessing synergies’ is often management speak for cost cutting. GMB is calling for a commitment to no factory closures and no job losses.”
