Details of First Milk’s Bid to take 15% stake in processor are Out

DETAILS OF FIRST Milk”s bid to take a 28m, 15% stake in Robert Wiseman Dairies have been confirmed.

Wiseman shareholders have until Nov 17 to accept a £2.50 tender for their shares, which represented a 13p premium on their value as farmers weekly went to press.

Chairman and managing director Alan and Robert Wiseman have guaranteed to underwrite the offer by selling at least 15% of their 51% holding in the company, a move that will net them at least £14m.

Under the terms of the bid, First Milk will have the right to appoint a non-executive from its board to Wiseman”s board. It is anticipated that this will be a new appointment.