Greencore and Bakkavor have reached an agreement in principle on the key financial terms of a possible offer by Greencore to acquire Bakkavor.
Convenience food company Greencore has reached an agreement in principle to acquire Bakkavor for £1.2 billion. The manufacturers said that the combined businesses would have a diverse product offering, strong commercial relationships and highly competitive capabilities across the convenience food landscape.
If the proposed acquisition goes through, Greencore shareholders will own approximately 56% of the combined group, while Bakkavor shareholders will own 44%.
This comes after Greencore previously put forward two proposals to acquire Bakkavor, with Bakkavor rejecting the deal on both occasions.
Greencore updates guidance for FY25
Greencore issued a trading statement for Q2 and an update on guidance for the full year ending 26th September 2025 (FY25).
In the update, the manufacturer said it now anticipates an FY25 adjusted operating profit of £112-£115 million.
It highlighted strong revenue, with volume momentum continuing into Q2. Profit conversion was ahead of expectations, underpinned by ongoing operational and commercial excellence initiatives as well as a focus on cost control.
