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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/northern-foods-deal-boost-shares.jpg"><img class="alignnone size-full" title="The owner of the Harry Ramsden fish and chip restaurants has made an offer for Northern Foods" src="http://londonglossy.com/wp-content/uploads/2011/01/min-northern-foods-deal-boost-shares.jpg" alt="The owner of the Harry Ramsden fish and chip restaurants has made an offer for Northern Foods"/></a></p>
<p>Shares in Northern Foods have soared 15% after its management backed a £342 million buy-out offer from the owner of the Harry Ramsden&#8217;s fish restaurants.</p>
<p>Ranjit Singh Boparan&#8217;s last-minute offer on Friday for the Goodfella&#8217;s Pizza and Fox&#8217;s biscuits manufacturer prompted its management to ditch a previous deal involving a merger with sandwich maker Greencore.</p>
<p>The Irish firm said it is considering its options and according to the Financial Times may return with a sweetened offer for Northern.</p>
<p>Northern&#8217;s shares rose to 72.5p, broadly in line with Mr Boparan&#8217;s offer price of 73p per share.</p>
<p>Mr Boparan wants to combine Northern with his other food businesses, including chicken producer 2 Sisters, to create a major player in the food industry with £2 billion of annual sales.</p>
<p>Previously, Northern&#8217;s management recommended that shareholders vote for the merger with Greencore. They announced in November that would see the creation of a new company Essenta Foods. But now they are backing Mr Boparan&#8217;s cash offer.</p>
<p>Mr Boparan&#8217;s cash offer is at a 61.3% premium to the closing share price of 45.3p per share on November 16 when the merger was announced and more than 10p in excess of Friday&#8217;s closing share price of 62.8p.</p>
<p>Northern Foods chairman Anthony Hobson described Mr Boparan&#8217;s offer, made after a two-hour extension to a deadline from the Takeover Panel, as &#8220;compelling&#8221;.</p>
<p>Greencore and Leeds-based Northern had agreed to create a new company with annual sales of £1.7 billion and cost savings of £40 million a year.</p>
<p>Shares in Greencore, which has around 7,000 staff and 17 manufacturing facilities in the UK, were down 5% following the announcement.</p>
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