NORTHERN FOODS is still due to hold a shareholder meeting today to vote on its proposed merger with food manufacturer Greencore, despite its board switching to recommend a rival takeover bid by Boparan more than week ago.
The Northern investor meeting can only be called off with the permission of Greencore, under the terms of the merger announced in November.
However, it is understood that Northern is keen for the meeting to take place so shareholders can decisively reject Greencore before the firm can best Boparan’s 73p per share bid.
Greencore’s AGM is also set to take place in Dublin today, though one source familiar with the company said its shareholders will not have a vote on the merger.
The Takeover Panel would not comment on a live case, while Greencore and Northern declined to comment.