Investing.com -- Bakkavor Group Plc, a company listed on the London Stock Exchange (LON: LSEG ), has turned down a cash and stock proposal from Irish food producer, Greencore Group Plc (LON: GNC ). The offer valued Bakkavor at £1.14 billion ($1.5 billion).

On March 7, Greencore proposed a revised bid consisting of 85 pence in cash and 0.523 shares of its own stock for each Bakkavor share, as stated on Friday. In addition to this, Bakkavor’s shareholders would still hold the right to receive the final dividend of 4.8 pence per Bakkavor share.

When taking the dividend into account, the bid places Bakkavor’s value at 189 pence per share. This figure represents a 25% premium on the closing price of Bakkavor’s shares on the Thursday prior to the proposal.

Despite the increased offer, Bakkavor decided to reject Greencore’s latest bid. This comes after the company had already declined an earlier proposal from Greencore on February 27.

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