Kerry Group confirms offer for Newmarket Co-op Creameries

Shaun Weston16 Aug 2010 (Updated 22 Feb 2012)

Kerry Group has confirmed the terms of its offer to acquire the entire issued share capital of Newmarket Co-operative Creameries Limited for a price of €421 per share.

The offer values the entire issued ordinary share capital plus debt of Newmarket Creameries at approximately €33m, and is subject to:

  • Receipt of Forms of Acceptance in respect of not less than 66% of the issued share capital of Newmarket at the closing date of the offer period (10 September 2010) unless otherwise extended.
  • Approval by Newmarket shareholders of proposed rule amendments of Newmarket to facilitate the transaction.
  • Approval by the Competition Authority of Ireland.

"Kerry has market-leading cheese technology capability and a leading cheese brand portfolio, including its Charleville, Coleraine, Low Low and Cheestrings brands," said Stan McCarthy, Kerry Group chief executive. "The group has a longstanding business relationship with Newmarket Creameries and high regard for Newmarket cheesemaking competency.

"Combining Kerry and Newmarket represents a positive growth and business development opportunity in the interest of all stakeholders in both companies."

Source: Kerry Group

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