Greencore considering next move in Northern Foods bid battle

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Northern Foods, which makes Fox's biscuits and Goodfella's pizza, agreed in January to back a bid worth 73 pence per share from Boparan, the millionaire behind Harry Ramsden's and Fishworks, valuing the business at around £342 million, and trumping Greencore's all-share offer.

Yesterday, Boparan on Wednesday said he now holds or has agreed to acquire 34.4% of Northern Foods' shares after 23% of Northern's shareholders accepted his offer.

Boparan, which said its offer would remain open until 1300 GMT on March 16, held a 11.4% stake in the company before Wednesday.

Greencore is seeking a private equity partner to part-fund a higher offer, possibly including a cash element, sources told Reuters last month. "Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course," it said on Thursday.