Greencore's share buy-back turned out to be something of a damp squib with most of the bigger shareholders spurning the opportunity to get cash from Greencore that they certainly did not need in the current cash-rich state of the bull market.

That said, the 380p buy-back price should set a firm floor for a share that not so long ago was trading at a low of 295p.

But of greater concern to Greencore is the news coming out of the London market that Harrison & Crosfield may take Paul's Malt off the market, rather than accept the sort of offer that Greencore has tabled for the malting group. Expected sterling weakness later this year and an improvement in the malting industry should push up the sale price for Paul's if H&C bides its time is the theory.

Now the analysts at Dolmen Securities have come up with an intriguing theory if the Paul's deal falls through. Dolmen says that with Greencore shares still trading at a hefty discount to the European sugar sector, it has to return some value to shareholders either through a buy-back or an acquisition. Shareholders this week felt that the 380p buy-back price was simply too cheap.

So what about another acquisition if Paul's falls through? Dolman has raised the intriguing prospect of Greencore turning its attentions towards Golden Vale, a suggestion that has been pooh-poohed by other analysts who see absolutely no synergies between the two companies.

Golden Vale is going through something of a renaissance in the past few weeks, with the market expecting good things from next week's results and hopefully some news on the reported Rye Valley Foods acquisition.

But a takeover by Greencore does not ring true to Current Account. It's hard to see the farmers of the mid-west selling themselves out to Greencore suits and a more likely prospect if they do want a corporate change is a merger with neighbouring co-op Dairygold.