Tesco Supplier Bakkavor Rejects Greencore’s £1.1 Billion Bid (1)

Bakkavor Group Plcrejected a cash and stock bid from Irish convenience food manufacturer Greencore Group Plc valuing the London-listed firm at £1.14 billion ($1.5 billion).

Greencore offered 85 pence in cash and 0.523 Greencore shares for each Bakkavor share in a revised proposal on March 7, according to a statement Friday, confirming an earlier Bloomberg News report on the approach. Bakkavor shareholders would also retain the right to receive the final dividend of 4.8 pence per Bakkavor share.

Including the dividend, the bid values Bakkavor at 189 pence per share, representing a 25% premium to Thursday’s closing price. Bakkavor ...