Northern Foods will be acquired by chicken entrepreneur, Ranjit Boparan, for about £342 million, The Wall Street Journal reports. A subsidiary of Boparan Holdings group will pay 73 pence per share in cash for the 469 million total shares outstanding.

The deal with Boparan has cancelled Northern Foods’ proposed merger with Greencore Group. Northern Foods was advised by UBS, while Rothschild and Goldman Sachs advised Boparan, adds Reuters.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Reuters.