Similar to U.K. homebuilders, Irish convenience foods producer Greencore Group (LSE:GNC, Financial) retreated, as its share price decline was amplified by the British Pound depreciation. During the quarter, the company announced it would acquire U.S.-based Peacock Foods in a deal funded by an equity rights issue and new debt. This acquisition is expected to quadruple Greencore’s U.S. revenues.
From the Polaris Global Value Fund 4th Quarter 2016 Commentary.
