UK's Bakkavor rises on rival Greencore's takeover offer

UK-based Bakkavor Group BAKK.L rises as much as 6.7% to 190p

British convenience food manufacturer Greencore GNC.L agrees to buy rival BAKK in a 1.2 billion-pound ($1.55 billion) cash and stock deal

Offer price of 200p is a 12.4% premium to BAKK's last close

Under the terms of the deal, BAKK shareholders will get 85 pence in cash and 0.604 GNC shares for each Bakkavor share they hold

GNC falls as much as 2.8% to 174p

As of last close, BAKK up ~22%, GNC down ~8% this year

($1 = 0.7747 pounds)