Northern Foods bid wins 80pc share support

FOOD tycoon Ranjit Singh Boparan has revealed almost 80 per cent of Northern Foods’ shareholders have backed his £342m offer for the pizza and pie maker.

The Birmingham-based poultry magnate revealed investors who own 79.52 per cent of the food group’s shares have either sold up to him or pledged their shares in support of his 73p per share offer.

As a result, his offer is unconditional. He plans to compulsorily acquire Northern’s remaining shares once the acceptance rate crosses the 90 per cent threshold.

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Mr Boparan, who owns the Harry Ramsden’s fish and chip restaurant chain, plans to de-list Leeds-based Northern and merge it with his 2 Sisters Food Group.

The acquisition will create a £2bn privately-owned food conglomerate with significant exposure to the UK’s supermarkets.

Mr Boparan, a self-made entrepreneur who made his millions supplying poultry to retailers, has admitted there may be “some job losses” from office closures and restructuring.

The combined group would have 31 manufacturing sites and about 15,0000 staff but Mr Boparan has said no decisions have been made on cost cuts yet.

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