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Greencore and Bakkavor Agree £1.2 Billion Merger to Form £4 Billion Food Giant

The deal, pending regulatory and shareholder approval, includes a 33% premium on Bakkavor’s share price and raises concerns over potential job losses.

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Bakkavor has its headquarters in London and employs around 18,000 staff across 42 sites in the UK, US and China
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Overview

  • The merger agreement values Bakkavor at 200p per share, offering a 33% premium on its March 13 closing price.
  • Greencore shareholders will hold 56% of the combined group, with Bakkavor shareholders owning 44%.
  • The Gudmundsson brothers, founders of Bakkavor, are set to receive a significant payout and join the board of the new company.
  • Union leaders have raised concerns about potential job losses, citing management's focus on synergies as a potential risk to workers.
  • The deal is subject to regulatory clearances, due diligence, and approval at Bakkavor’s shareholder meeting in May 2025.