01 May 1998
Dalgety Directors’ buyout to proceed
By FWi staff
DALGETY directors are following through with their plans to buy Dalgety Agriculture for £50 million.
The board of its parent company, Dalgety PLC, has recommended to shareholders that they accept the £50m management buyout offer which is being funded by the NatWest Group.
Dalgety PLC said the transaction would give the new company a sound financial base and the ability to reassure farmers of its strength as the UKs biggest crop marketing business. It also has animal feed interests.
Paul Kirk, currently chief executive of Dalgety Agriculture, will become executive chairman, with Tony Taylor, currently feed director, becoming managing director. Other members of the management buyout team, which was advised by KMPG, will be Richard Green, Kevan Compson, Andrew Barnard and Peter Hunt.
Shareholders are expected to approve the buyout before the end of May.