Greencore has made a recommended cash offer of £113m for Uniq plc, which has been agreed by the boards of both firms.
The offer values each Uniq share at 96p, and its existing issued share capital at around £113m. The board at Greencore said it believed that following the completion of Uniq’s pension deficit-for-equity restructuring, it represents an excellent fit for Greencore’s growth strategy in the UK.
According to Greencore, the acquisition will help the combined group achieve greater scale in the food-to-go and chilled desserts markets, and add new and complementary customer relationships to the Greencore Group, most notably with Marks & Spencer.
“The proposed acquisition of Uniq delivers demonstrable further scale in two key categories – Food to Go and Chilled Desserts, and is underpinned by substantial synergies,” commented Greencore CEO Patrick Coveney.
“Furthermore, it broadens Greencore’s commercial footprint and it is perfectly aligned to our strategy. It represents an important milestone as we extend the scale and leadership positions of our group in the UK convenience market.”