The owners of Bakkavor cut the asking price to 180p a share after original guidance of 195p to 235p AlamyBakkavor, the chilled foods supplier to Tesco, Marks & Spencer and other big grocers, has shocked the City by floating on the stock market with a value of just over £1 billion, only a week after pulling the IPO blaming market volatility. The U-turn came after the two owners of Bakkavor — the Icelandic Gudmundsson brothers and Baupost, an American private equity firm — had agreed to cut the asking price to 180p a share, from an earlier guidance of 195p to 235p. The prospectus published yesterday shows that Lydur Gudmundsson, the former chairman, will receive a pay package in excess of that being paid to his replacement, Simon Burke, a veteran of the Virgin Group and at present senior independent director at the BBC.

Source: The Times November 11, 2017 00:05 UTC