Kerry Group confirms offer to buy Cork co-op
Kerry Group today confirmed the terms of its offer to acquire the entire issued share capital of Cork-based Newmarket Co-operative Creameries Limited for a price of €421 per share.
The offer values the entire issued ordinary share capital plus debt of Newmarket Creameries
at approximately €33m, Kerry Group said in a statement.
The offer is subject to receipt of Forms of Acceptance in respect of not less than 66% of the issued share capital of Newmarket at the closing date of the offer period on September 10.
It is also subject to approval by Newmarket shareholders of proposed Rule amendments of Newmarket to facilitate the transaction and approval by the Competition Authority of Ireland.
Newmarket Creameries, located in North Cork, is a leading manufacturer of cheese from a
state-of-the-art cheese production facility. With an annual manufacturing capacity in excess
of 35,000 tonnes Newmarket is a major supplier of cheese to Kerry Group’s branded cheese
business.
“Combining Kerry and Newmarket represents a positive growth and business development
opportunity in the interest of all stakeholders in both companies” said Kerry Group CEO Stan McCarthy.
