Kerry's bid on Golden Vale approved

The Irish food group Kerry announced on June 25 that it had received backing from the board of Golden Vale for a Euro252m agreed offer for the rival dairy co-operative, reports the Financial Times​. Kerry will offer one share for every 10 Golden Vale and shareholders will also receive a 13-cent cash supplement. This is equivalent to Euro1.54 a share, based on Kerry's closing share price of Euro13.70 in London on June 22. There will also be a cash alternative of Euro 1.50 a share. "Combining Kerry and Golden Vale business represents a logical development and opportunity,"​ Kerry's managing director Denis Brosnan said. Jim Murphy, Golden Vale's managing director, described the offer as "fair and reasonable and good value to our shareholders. I believe that joining Kerry Group will enable Golden Vale to continue to develop as part of a larger growth focused organisation,"​ he said. Source: Financial Times