Boparan takeover details outlined

Offer documents outlining the finer detail of the proposed £342m takeover of Northern Foods by Ranjit Boparan, the chicken entrepreneur, have been posted to its shareholders.

This follows the acceptance of his all-cash bid by Northern's board at the end of January.

However, shareholders of the pizza and biscuit manufacturer can still veto the deal. A deadline of 2 March has now been set.

Greencore, which agreed a nil-premium merger with Northern in November, before Boparan stepped in with an all-cash offer, had promised to pour £15m into Northern’s pension deficit per year. It is believed that Boparan will match or better this.

>> Boparan increases Northern Foods stake

>> Chicken giant’s last minute offer tempts Northern