Shares in Greencore fell today in the wake of confirmation last week of a rival bid for Northern Foods.

Shares in the company were at €1.14 at 12.40pm, a decline of 5.2 per cent over the session.

The group today said it was considering its options after a company controlled by British chilled food magnate Ranjit Boparan made a cash offer for Northern Foods.

Northern Foods withdrew its support for the Greencore merger and has accepted the counter-bid. It is now recommending that shareholders vote in favour of Mr Boparan’s 73p a share cash offer.

It said the bid from Mr Boparan was “a compelling opportunity for our shareholders to realise a cash exit . . . as such the board of Northern Foods will be unanimously recommending that Northern Foods shareholders accept Boparan’s offer”.