Kerry Group Confirms Offer for Newmarket Co-operative Creameries Limited
Combining Kerry and Newmarket represents a positive growth and business development opportunity in the interest of all stakeholders in both companies.
Aug 12 2010 --- Kerry Group, the global ingredients & flavours and consumer foods group, confirmed the terms of its offer to acquire the entire issued share capital of 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 and 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 (10 September 2010) unless otherwise extended,
- approval by Newmarket shareholders of proposed Rule amendments of Newmarket to facilitate the transaction,
- 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.
Commenting on the offer Stan McCarthy, Kerry Group Chief Executive said: “Kerry has market leading cheese technology capability and a leading cheese brand portfolio including its Charleville, Coleraine, Low Low and Cheestrings brands. The Group has a long-standing business relationship with Newmarket Creameries and high regard for Newmarket cheese-making competency".
“Combining Kerry and Newmarket represents a positive growth and business development opportunity in the interest of all stakeholders in both companies” he added.
