Green­core prices ten­der of­fer at £1.95 per share

The Irish Times - Business - - MARKETS - PETER HAMIL­TON

Green­core plans to re­turn £509 mil­lion to in­vestors by way of a ten­der of­fer priced at £1.95 per or­di­nary share, rep­re­sent­ing a 17.5 per cent premium to Wed­nes­day’s clos­ing price.

The con­ve­nience food group will ac­quire up to 261 mil­lion shares, or about 37 per cent of its is­sued share cap­i­tal. Green­core’s ten­der of­fer comes af­ter its sur­prise mar­ket an­nounce­ment that it was sell­ing off its US busi­ness to Hearth­side Foods for $1.075 bil­lion. The com­pany then said it planned to re­turn cap­i­tal to share­hold­ers in a spe­cial div­i­dend. How­ever, some share­hold­ers voiced con­cern about the tax im­pli­ca­tions.

Green­core, which is re­spon­si­ble for three out of ev­ery five sand­wiches sold in the UK, opted for a ten­der of­fer, which will still re­turn cap­i­tal to share­hold­ers.

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