Global law firm Freshfields is advising Bakkavor Group plc (Bakkavor) on its recommended acquisition by Greencore Group plc (Greencore).

Under the terms of the proposed offer, which values Bakkavor at c.£1.2bn, Bakkavor shareholders will receive 0.604 new Greencore shares and 85 pence in cash for each Bakkavor share, plus, in certain circumstances, an additional entitlement to value should Bakkavor dispose of its US business. The combination is expected to generate significant synergies, including operational efficiencies and enhanced innovation capabilities.