This is according to Bloomberg News, which cited sources close to the negotiations.
Greencore and Bakkavor both declined to comment when approached by Food Manufacture.
Bakkavor rejected Greencore’s latest offer, valued at around £1.14 billion, on 10 March, having rebuffed its first bid in late February.
Speaking to Food Manufacture last week, food analyst and corporate finance director at Rollits LLP, Julian Wild, predicted that a third offer was likely.
“Having missed out on Northern Foods over a decade again, Greencore cannot lose out again,” he said.
“In my view this is just about the price and there will be a deal.”
Mark Field, director at food consultancy firm Prof Consulting Group, agreed: “With the benefit of the likely synergies, it would be a surprise if they do not return with a third bid."
Headquartered in Dublin, Greencore is a convenience food manufacturer that supplies all major supermarkets in the UK with products including sandwiches, salads, sushi, soups and sauces.
Meanwhile, Bakkavor is a leading manufacturer of fresh prepared food that operates 20 factories and four distribution centres in the UK.
