Convenience food manufacturer Greencore said on Thursday it had agreed to the terms of a recommended acquisition of UK fresh food provider Bakkavor Group , in a deal valued at 1.2 billion pounds ($1.59 billion).
Greencore Group PLC (LSE:GNC) and Bakkavor Group PLC (LSE:BAKK) have struck a deal to merge after a "song and dance" over the price, but while the deal has merit, analysts said things may not be so simple. Under the agreed structure, sandwiches, wraps and sushi maker Greencore will gobble up its pizzas, dips and desserts making rival Bakkavor in £1.2 billion takeover deal.
Greencore agreed on a possible cash offer to acquire Bakkavor in a sweetened deal that values its peer at around $1.55 billion.
Greencore Group PLC (LSE:GNC) and Bakkavor Group PLC (LSE:BAKK) have agreed a merger to create a £4 billion convenience food group. The two FTSE 250 company said they had struck a deal structured as a possible offer by Greencore for Bakkavor.
British convenience food manufacturer Greencore on Wednesday agreed to buy rival Bakkavor , valuing the company at 1.2 billion pounds ($1.55 billion).
British convenience food manufacturer Greencore has increased its bid for rival Bakkavor Group , Bloomberg News reported on Tuesday, citing sources.
Greencore Group PLC surged almost 12% on Thursday after fetching backing from Deutsche Bank analysts on expectations for hiked returns ahead. Following the food company's capital markets day, Deutsche flagged management targets for a 15% return on invested capital over the medium term, against 11.5% in 2024.
Greencore Group plc (OTCPK:GNCGF) Q4 2024 Results Conference Call December 3, 2024 3:30 AM ET Company Participants Dalton Philips - Chief Executive Officer Catherine Gubbins - Chief Financial Officer Conference Call Participants Patrick Higgins - Goodbody Gary Martin - Davy Andrew Ford - Peel Hunt Clive Black - Shore Capital Andy Wade - Jefferies Matthew Webb - Investec Damian McNeela - Deutsche Bank Operator Good morning and welcome to the Greencore FY '24 Results Presentation. I would now like to hand over to Dalton Philips, Greencore's CEO.
Greencore Group PLC (LSE:GNC) shares ran up over 9% on Tuesday after the UK and Ireland's preeminent sandwich maker published its full-year results. FTSE 250-listed Greencore, which supplies all major supermarkets from Asda to Waitrose with pre-made meals, said its results were stronger than expected despite posting a 5.6% year-on-year sales decline to £1.8 billion.
Here is how Greencore Group (GNCGY) and International Flavors (IFF) have performed compared to their sector so far this year.
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Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.