Greencore shares dropped 10% after reporting a pre-tax loss from Bakkavor acquisition costs, with market cap falling 33% from its February peak. Analysts argue the sell-off ignores improved underlying profits and £80mn in expected savings from operational synergies. Director Leslie Van de Walle purchased 125,000 shares at 195p each, totaling £243,625, signaling confidence in the undervalued company.

The FTSE 250 group's loss aligns with market expectations, yet Berenberg Bank highlights overlooked revenue synergies. Central overhead cuts comprising half the savings target could accelerate benefits, potentially offsetting initial integration costs. Investors' focus on short-term losses risks missing long-term value creation opportunities.

With shares trading near Covid-era lows, Van de Walle's purchase reflects strategic optimism. The deal's success hinges on achieving stated savings and revenue synergies, which could stabilize Greencore's market position in the convenience food sector. This development underscores the complex balance between M&A integration risks and investor perception.

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