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Sales negotiations may aid Northern Foods deal

Sales negotiations between Northern Foods and Harry Ramsdens might take place later this week as the deadline for the proposal to be submitted approaches.

17 January 2011

Northern Foods is expected to enter into sales negotiations with famous fish and chip chain Harry Ramsdens.

Recent reports indicate that Ranjit Boporan, who owns the latter organisation, is working to submit a rival bid to that of Irish chilled food firm Greencore.

A spokesman for the entrepreneur told Reuters: "He's aware of the deadline on Friday and is continuing to evaluate a possible offer ahead of that deadline."

Brokers believe that sales negotiations will see Mr Boporan table a bid of around 75p per share, which would value the firm at £380 million.

The businessman is thought to be concerned over the lack of expertise on the board of the proposed new company Essenta, the organisation that would be created through the merger with Greencore.

Northern Foods' shareholders are due to vote on the merger on January 31st.

Last week, the boards of equipment rental firms Ashtead Group and TVH Services announced that they were making an offer for the issued and to-be-issued share capital of UK company Lavendon.  

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