Kerry set to confirm Golden Vale deal

By FWi staff

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 (3 August) 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 10 August.

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 Euro14.30, plus a further cash supplement and dividends worth an extra Euro0.17 for each Golden Vale share, that values the takeover at Euro256 million (159m).

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