Shares in Hazlewood, the British foods group for which Greencore has made a recommended £258 million sterling (€429.64 million) bid, have continued to trade under the Greencore 113p sterling offer price.

Greencore disclosed yesterday that of the 31.3 per cent irrevocable acceptances it has secured from Hazlewood shareholders, 22.7 per cent will not be subject to the irrevocable undertaking if a counter-bid of more than 125p sterling emerges by next Monday while a further 5.1 per cent will have their irrevocable acceptance of the Greencore offer relieved if a counter-bid above 120p sterling emerges.

The only acceptances held by Greencore and classified as irrevocable irrespective of any counter-bid is the 3.5 per cent of the shares held by Hazlewood directors. Apart from the irrevocable acceptances, Greencore has already bought 16.6 per cent of Hazlewood in the market.