Bakkavor Group PLC - London-based fresh prepared food maker - Baupost Group LLC of Boston, Massachusetts sells entire 20.1% stake in Bakkavor to LongRange Capital Fund I LP of Stamford, Connecticut on Thursday last week, a total of 116.5 million shares. LongRange, founded in 2019, has over USD1.7 billion in assets under management.
Bakkavor says Patrick Cook, the representative of Baupost, will step down as non-executive director on Tuesday, replaced by LongRange's nominee, Bob Berlin, who previously had served on the Bakkavor board from January 2016 to July 2018. "Baupost has been a supportive shareholder in Bakkavor over many years and we wish them well," says Bakkovor Chair Simon Burke, adding that Berlin "knows us and our markets very well".
Current stock price: 88.45 pence, up 4.1% in London on Monday
12-month change: down 12%
By Tom Waite, Alliance News editor
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Bakkavor (BAKK)