UK's Northern Foods Ties $2.7B Knot With Greencore

Law360, New York (November 17, 2010, 12:44 PM EST) -- U.K. convenience food manufacturer Northern Foods PLC has reached a merger agreement with Ireland-based Greencore Group PLC, aiming to create a new prepared food giant called Essenta Foods with combined annual sales of approximately ₤1.7 billion ($2.7 billion).

Under the terms of the tie-up announced Wednesday, designed as a merger of equals, Greencore shareholders and Northern Foods shareholders will each hold approximately 50 percent of the combined company.

The boards of both companies have approved the merger, saying in a statement issued Wednesday that the combined...
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