Greencore has agreed to terms for a £1.2 billion takeover of rival Bakkavor, marking a significant move in the UK convenience food sector. Despite the deal's potential to enhance Greencore's portfolio, investor sentiment appears lukewarm, as indicated by ongoing concerns surrounding mergers and acquisitions in the market. The acquisition aligns with Greencore CEO Dalton Philips's turnaround strategy, which aims to bolster the company's position in the competitive supermarket sandwich market. The deal comes in the wake of public discussions about the merger that began last month, highlighting the challenges faced by investors in the current M&A landscape.