The ‘put up or shut up’ or PUSU deadline was initially extended until 5pm on 9 May after it become clear that an agreement would not be reached in full by the initial cut off point of 5pm on 11 April.
This is after the Bakkavor board accepted a provisional acquisition offer from Greencore worth approximately £1.2 billion in early April.
However, following a request from the Bakkavor board, the Panel on Takeovers and Mergers has consented to an extension of the PUSU deadline until 5pm on 23 May in order to allow time for discussions regarding the other terms and conditions of the offer to continue and for due diligence processes to be completed.
A further extension can be granted subject to the consent of the panel.
According to a Bakkavor statement released to the London Stock Exchange announcing the further extension of the PUSU deadline, there can be “no certainty that any firm offer will be made”.
Speaking when the deadline was first extended last month, Bakkavor chief executive Mike Edwards said: “We’re not there yet, but if it goes ahead the deal would be brilliant for the business and its colleagues, customers and other stakeholders.
“It would bring together two fantastic businesses, with the best people in the industry and an ability to take a ‘best of both approach’ to improve performance on every level.
“We expect to create more opportunities for colleagues, do an even better job for our customers and invest more behind innovation and growth. I am excited that our shareholders will retain a meaningful stake in the future group, and our founders, Agust and Lydur Gudmundsson, will have seats on the Board.
“In the meantime, this doesn’t change anything day-to-day as we continue to focus on driving the performance of the business and doing an excellent job for our customers.”
Food Manufacture has reached out to Bakkavor for an update, while Greencore declined to comment.
