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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