Wiseman confirms Co-op interest

ROBERT WISEMAN Dairies has confirmed on Monday (Oct 4) that First Milk could be set to take a 15% stake in the company.

It is envisaged that the deal would be based on a tender offer to all Wiseman shareholders by First Milk for 15% of the existing issued ordinary share capital of the firm.

This would value the shares at £2.50 each and represents a 10% premium on their closing price on Friday, Oct 1.

Chairman Alan Wiseman, who owns 55% of the shares with brother Robert, said: “We believe that this deal would strengthen the relationship that exists between the two organisations.”

Farmer-owned milk co-op First Milk, which has 4000 members, already supplies the Scottish milk processor with a large proportion of its liquid milk requirement.

There would be no change in the company‘s management, added Mr Wiseman.

For further details and industry reaction read the Business section in this Friday‘s FARMERS WEEKLY (Oct 8).