Greencore still considering Northern offer

Greencore had agreed a tie-up with Goodfella's pizza and Fox's biscuits-maker Northern, but the deal was scuppered when a 342m cash offer by the owner of Harry Ramsden's fish restaurants Ranjit Boparan was accepted by Northern's Leeds-based board.

Dublin-based Greencore, which supplies ready meals to many of the UK's supermarkets, told its annual general meeting that it is still considering its options and will make a further announcement in due course, even though ten days have now passed since Mr Boparan made his offer.

Greencore said that sales increased 7.6 per cent to 179.7m in the three months to Christmas Eve despite disruption caused by heavy snowfall.

The company said it had benefited from the trend of people eating out less after it reported a 22 per cent rise in sales of chilled ready meals.

Earlier yesterday Northern postponed its shareholder meeting after a request from Greencore.

Northern said the meeting, originally set up for shareholders to vote on the merger between Irish food group Greencore and ready meals maker Northern, had been postponed until further notice.

The adjournment could give Greencore time to return with a counter offer.

Last week Mr Boparan increased his stake in Northern to 11.4 per cent.