Kerry Confirms Newmarket Acceptance Level

The Group confirmed that it had received valid acceptances representing 82.49% of the issued share capital of Newmarket Co-operative Creameries Limited at the closing date of the Offer period.

Sep 14 2010 --- On 12 August, Kerry Group, the global ingredients & flavours and consumer foods group, announced the terms of its offer to acquire the entire issued share capital of Newmarket Cooperative Creameries Limited for a price of €421 per share – valuing the entire share capital plus debt of Newmarket Creameries at approximately €33m. The Group confirmed that it had received valid acceptances representing 82.49% of the issued share capital of Newmarket Co-operative Creameries Limited at the closing date of the Offer period (10 September 2010).

Completion of the transaction is subject to 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.