Greencore Group, the UK-based convenience food manufacturer, has raised its bid for Bakkavor Group following two previously rejected takeover proposals, according to a report by Bloomberg.
Bakkavor’s board initially declined Greencore’s first approach on 25 February 2025, rejecting the proposal two days later. A subsequent revised offer was presented on 7 March, valuing Bakkavor’s total equity at approximately £1.14 billion. The enhanced bid is currently under consideration by Bakkavor’s leadership.
Greencore’s interest in Bakkavor was first revealed by Bloomberg earlier this month, prompting Greencore to confirm its intentions. The company has emphasized its strategic goal of expanding its market position by merging complementary businesses and realizing potential operational synergies.
Company Profiles
Headquartered in Dublin and established in 1991, Greencore specializes in supplying sandwiches, chilled prepared meals, and cooking sauces to major UK supermarkets, travel retail outlets, and coffee shops. The company is led by CEO Dalton Philips, former head of British grocer Morrisons until 2015.
Bakkavor, headquartered in London, is a leading international supplier of fresh convenience foods with a strong presence in the UK, as well as growing operations in the United States and China. The company employs over 20,000 staff and serves major grocery retailers, including Tesco, Marks & Spencer, Sainsbury’s, and Waitrose. In 2024, Bakkavor reported a 4% revenue growth.
Next Steps in the Acquisition Process
Any potential transaction will require approval from Bakkavor’s founders, who retain approximately 50% ownership of the company. If successful, the acquisition could significantly reshape the UK’s convenience food market by combining two major players in the industry.
Market analysts and investors are closely monitoring the situation, as the outcome of this potential merger could have substantial implications for both companies and the broader food retail sector.
