Greencore set to fight for Northern Foods

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Having seen its nil-premium all-share bid trumped on Friday by a £341 million offer from chicken king Ranjit Boparan, the ball was in Dublin-based Greencore's court.

Today it told the stock market: "Given this latest development, the board of Greencore will now consider its options...the board recognises the importance attached by the Northern Foods board to the certainty of cash value in their decision to change their recommendation."

That suggests it plans to offer a cash element to a revised bid, though it still believes it can offer more cost savings as a merger partner than Boparan could.

Northern Foods shares rallied hard today, up 16% to 73p, exactly the level of the Boparan bid.

Boparan, who supplies chickens to supermarkets and also owns Harry Ramsden's, argues cash will prove highly alluring to investors.

Under the original deal, Northern's shareholders would have received 0.4479 of a new Greencore share for each share they owned. Greencore was stunned when Northern Foods ditched it.