UK - Trustees of Uniq's pension scheme - which owns 90% of its sponsor - have agreed to sell the sandwich maker for £113m ($178m) to Greencore.
Irish food producer Greencore announced on the stock market today that Angel Street - the company set up by the pension scheme to hold its interest in Uniq - had given "irrevocable undertakings" to vote in favour of the sale.
The 96 pence a share offer represents a 63% premium on the company's opening share price on 1 April when the sale process was announced and a 25% premium on yesterday's shareprice.
The pension scheme acquired 90.2% of Uniq in February in a debt for equity deal that released the company from its £436m deficit which dwarfed its £6m market capitalisation.
Punter Southall senior consultant Lorant Porkolab said the £113m valuation was a huge contrast to this £6m market capitalisation quoted in February, but the key question was whether it was sufficient to keep the scheme out of the Pension Protection Fund.
"It's not enough to buy out the benefit, so some members will loose out, but it might be enough to keep them out of the PPF - but that information isn't in the public domain," he said.
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