Unigate near to Terranova victory

UNIGATE WAS heading for victory in its hostile bid for Terranova Foods yesterday when it raised its offer to 150p per share, valuing the company at pounds 274m. The offer has been accepted by Phillips & Drew, which holds 13 per cent of Terranova. Unigate, whose chairman is Sir Ross Buckland (pictured), also raided the market for Terranova shares, buying up a further 29.9 per cent. With other acceptances, the move gives Unigate 48 per cent of its target's shares.

Terranova was considering the offer last night but the market expects its board to recommend the improved terms this morning.