* Irish group considers options after Boparan tops bid
* Greencore declines comment on if it will sweeten offer
* Analysts say Boparan cash may be decisive factor
* Northern Foods shares up 16 percent
(Adds comment from Greencore, analysts, shares)
By Matt Scuffham
LONDON, Jan 24 (Reuters) - Ireland's Greencore faces an uphill task to win food manufacturer Northern Foods even if it sweetens its bid with cash, after food tycoon Ranjit Boparan trumped its all-share offer.
Chicken magnate Boparan, who also owns the Harry Ramsden fish shop chain, on Friday made a 73 pence per share cash bid, valuing the Leeds-based maker of Goodfella's pizza and Fox's biscuits at about 342 million pounds ($545 million). [ID:nLDE70K15O
Boparan secured backing for his bid from Northern Foods board after tense last-minute negotiations. The board then withdrew its recommendation for an all-share offer from Aunt Bessies frozen food range maker Greencore.
The deal was confirmed late on Friday evening after Boparan was granted a two-hour extension by Britain's Takeover Panel to an original 'put up or shut up' deadline of 1700 GMT.
Boparan's bid was pitched at a near 70 percent premium to Greencore's all-share offer of 0.4479 shares for each Northern share, which is worth 43 pence per share at current prices.
Northern Foods had agreed last November to merge with Ireland's Greencore to create Essenta Foods.
In a statement on Monday, Greencore confirmed it was considering its options and would seek the views of both sets of shareholders before deciding its next move.
Greencore said it continued to believe the original merger plans represented "a compelling opportunity for value creation" and the potential for substantial synergies.
It also hinted at the possibility of adding a cash element to its offer saying it "recognises the importance attached by the Northern Foods board to the certainty of cash value in their decision to change their recommendation".
A spokesman for Greencore declined to comment on Monday on the chances of a cash component being added to its bid.
"Although Greencore is likely to consider sweetening the terms of the merger, we would still expect an all-cash offer to be preferable to shareholders," said Panmure analyst Damian McNeela.
Analysts at Exane BNP Paribas agreed that cash could prove to be the decisive factor in investors favouring Boporan's offer over Greencore's.
"The prospect of cash over synergies later is not likely to leave many with a dilemma," they said in a research note.
Shares in Northern Foods were trading at 73 pence at 1050 GMT, up 16 percent and bang in line with Boparan's offer. Greencore shares were down 6 percent to 1.13 euros.
($1=.6274 Pound)
(Editing by Jane Merriman)