Kerry Group Offer to Newmarke

RNS Number : 9641Q

Kerry Group PLC

12 August 2010

 



news release

12 August, 2010

Kerry Group confirms offer for Newmarket Co-operative Creameries Limited

Kerry Group, the global ingredients & flavours and consumer foods group, today 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.

ENDS

    For further information please contact:

    Frank Hayes, Director of Corporate Affairs, Kerry Group plc.

    Tel no [phone]

    Fax no [phone]

    Kerry Web Site: www.kerrygroup.com

 

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