Greencore receives takeover bid

Irish food company Greencore, a leading sandwich and ready meals supplier in Britain, has announced that it has received a takeover approach from an unkown bidder.

In a statement Greencore said that the negotiations are at an early stage and there is no certainty that it could lead to a takeover offer.

The company is estimated to be valued around €700m ($974m) including debt and, according to traders, a private equity group is more likely to have approached Greencore for a takeover.

In July, Greencore entered into an agreement to buy British food manufacturer Uniq for £113m ($180.72m), after its deal to acquire Northern Foods failed.

Greencore manufactures 200 million sandwiches annually and supplies to supermarket chains such as Marks and Spencer, Asda, Morrison, Waitrose and Sainsbury’s.