17 August 2001

New ownership secured

Frank Hayes said that most Golden Vale shareholders had gone for the share option, in which they get one Kerry share for every 10 of their own.

With Kerry shares worth k14.3, plus a further cash supplement and dividends worth an extra k0.17 for each Golden Vale share, that values the takeover at k256m (£159m).

Assuming the 80% target is achieved, Kerry Group will call an extraordinary general meeting on Aug 21 for its shareholders to approve the deal. &#42

IRISH food giant Kerry Group is expected to confirm it has secured outright ownership of Golden Vale, creating the Republics second biggest dairy operator.

An announcement by the group last Friday (Aug 2) said it had already received acceptances from 72% of the Golden Vale shareholding for its cash or shares offer.

That left Kerry optimistic it would achieve the 80% it needs to make its takeover bid unconditional by the new deadline of Aug 10.

Corporate affairs director Frank Hayes said that most Golden Vale shareholders had gone for the share option, in which they get one Kerry share for every 10 of their own.

With Kerry shares worth k14.3, plus a further cash supplement and dividends worth an extra k0.17 for each Golden Vale share, that values the takeover at k256m (£159m).

Assuming the 80% target is achieved, Kerry Group will call an extraordinary general meeting on Aug 21 for its shareholders to approve the deal. &#42