Boparan deadline extended
Published:  04 March, 2011

Chicken magnate Ranjit Boparan has extended his deadline to complete a deal for Northern Foods by two week.

The 2 Sisters owner has secured guarantees from shareholders that, added to his own stake, represent around 34% of the manufacturer’s share capital.

But, he requires the backing of more than 75% of the company’s shareholders to complete his £342m cash offer for the Goodfella’s maker.

The news comes with Greencore hunting for a private equity partner to bolster its all-share offer for the company.

Greencore’s merger bid to create a new company dubbed Essenta Foods was previously approved by the Northern board, prior to Boparan’s intervention in January.

>> Boparan takeover details outlined

>> Boparan increases Northern Foods stake