ADVISERS for Boparan have been working through the night to put together a bid for Northern Foods, although it was still uncertain yesterday whether the firm would make a formal bid before the Takeover Panel deadline of 5pm today.
Boparan’s team has been trying to thrash out a deal with Northern Foods’ pension trustees, who have already agreed a deficit-reduction plan between Northern and potential merger partner Greencore.
Greencore agreed to help pay £15m into Northern’s £142m deficit as part of a merger agreed in November.
Boparan has not disclosed the price of its planned takeover bid, although people close to the deal said Northern investors have told the company they are unlikely to accept an offer below 80p. Both firms declined to comment.