UK's Bakkavor rejects $1.48 billion bid by rival Greencore

March 14 (Reuters) - British convenience food manufacturer Greencore GNC.L said on Friday Bakkavor BAKK.L had rejected two of its bids for a potential acquisition, the latest of which would have valued the rival at 1.14 billion pounds ($1.48 billion).

Shares of Bakkavor jumped more than 18% to 179.5 pence, their highest in nearly six and a half years.

However, Bakkavor's stock was still under the implied value of 189 pence per share from the cash-and-stock proposal, which also included a dividend right.

The company did not immediately respond to Reuters' request for comment.

Greencore said its latest proposal, made on March 7, provided a "highly compelling value creation opportunity" for both companies, with bigger scale and cashflows if merged.

($1 = 0.7729 pounds)