German firm Saria makes a £692m bid for British sausage business Devro

Sausage skin maker Devro has received a fresh offer from a German waste management firm as yet another British business looks likely to fall into foreign hands.

Saria has made an offer of £692million, up from £667million tabled back in November. 

The terms are 320p a share plus a second dividend of 10p for each Devro share held compared to the previous straight 316.1p bid.

Board members at the Glasgow-based manufacturer have encouraged shareholders to give the offer a green light at a general meeting on March 3, calling it ‘fair and reasonable’. 

Saria said the bid would not be increased unless a third party stepped into vie for Devro.

The move would make Devro the latest British firm to be snapped up by a foreign predator. 

Last month, French automation company Schneider Electric completed a £10billion takeover of British industrial software behemoth Aveva.

Devro shares shot up 6.7 per cent, or 20.5p, to 327p yesterday.