2 Sisters’ Northern Foods bid succeeds

Tycoon Ranjit Boparan – the man behind the 2 Sisters chicken group – has succeeded in his takeover bid for Northern Foods.

In a statement to the London Stock Exchange it was revealed that Boparan now owns 63,794,202 shares in the pizza and biscuit manufacturer – representing around 76% of the business.

The offer has been declared as unconditional and Northern Foods will now be delisted from the stock market and taken private.

The takeover battle for Northern Foods has been one of the biggest ongoing battles of the City in 2011. The company had been set to merge with its Irish rival Greencore until Boparan tabled a last-gasp £342m cash offer in January.

For a time, Greencore had been considering a counter offer – but it failed in its bid to secure private equity backing.