Greencore Set To Return £509M To Shareholders In Tender Offer
Convenience food manufacturer Greencore said it intends to return up to approximately £509 million to shareholders by way of a tender offer at a price of 195p per ordinary share. This represents a...
Convenience food manufacturer Greencore said it intends to return up to approximately £509 million to shareholders by way of a tender offer at a price of 195p per ordinary share.
This represents a premium of 17.5% to the closing price of 166 pence per ordinary share on 19 December 2018.
It also represents a premium of 11.9% to the volume weighted average price per ordinary share.
Greencore will acquire over 261 million shares, which is around 37% of its issued ordinary share capital.
The offer opened today (20 December), and will close on 1 pm on 29 January 2019. Cash payments are expected by no later than 7 February 2019.
Completion of the tender offer will be conditional on shareholder approval at the AGM on 29 January 2019.
Greencore recently reported a group revenue increase of 4.2%, to £1498.5 million, for its 2018 fiscal year, which it called a 'year of significant change' for the group.
The sandwich maker also revealed that it is planning to stockpile ingredients in the UK and even change up its recipes in the event of a hard Brexit.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.