Terranova attempts to resist Unigate

26 April 1999

Terranova attempts to resist Unigate

TERRANOVA is to issue its last defence document in a bid to resist a hostile 125p-a-share bid from Unigate.

The convenience foods group revealed last week its Buxted Foods chicken business had won a £9m-a-year order from fast-foods group KFC. But Terranova is not thought to have any more information to declare this time in its attempt to remain independent.

Unigate has until next Monday to increase its offer.

Acceptance of the offer, which values Terranova at £228.5 million, has been low, reaching 5.62% of Terranovas shares by last Thursday.

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