Shareholders in Alliance, the New Zealand farmer-owned co-operative, have voted by an overwhelming majority to accept Dawn Meats taking a 65% stake in the business.
More than 87% of shareholders who voted gave their approval to the deal.
A total of 2,675 shareholders voted, representing 92,495,558 shares or more than 88% of all shares on issue.
Of these, more than 87% voted in favour of the proposal, meeting the threshold required under the 'takeovers code'.
A 75% majority of the shareholders that voted was required for the deal to go through on a minimum 50% turnout.
Commenting on the result, Dawn Meats CEO Niall Browne said: “We are pleased and excited by the outcome of the vote by Alliance’s farmer shareholders and we now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future for both Dawn Meats and Alliance.
"We now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future.
“We believe this partnership will create a dynamic industry competitor with a unique combination of customer relationships, resources, skills, routes to market and industry knowledge, giving both Dawn Meats and Alliance a powerful competitive edge, locally and globally."
We now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future
When the deal was announced back in August, it was widely expected that the offer from Dawn would get shareholder approval.
However, a campaign was mounted by a group of farmers opposed to the deal and this had attracted considerable attention and debate at roadshows over recent weeks which were organised to explain the deal.
What’s in the deal
Dawn Meats will inject NZ$270m (€135m) into the Alliance business in return for a 65% stake in the business, with the other 35% stake retained by Alliance shareholders.
The original investment had been agreed at NZ$250m (€125m), but there was provision for an adjustment to reflect financial performance in the current trading year which added an extra NZ$20m (€10m) to the Dawn investment.
See this week's Irish Farmers Journal for more analysis and an interview with Niall Browne.
Read more
Details of Dawn New Zealand deal revealed
Alliance shareholders considering Dawn offer
Shareholders in Alliance, the New Zealand farmer-owned co-operative, have voted by an overwhelming majority to accept Dawn Meats taking a 65% stake in the business.
More than 87% of shareholders who voted gave their approval to the deal.
A total of 2,675 shareholders voted, representing 92,495,558 shares or more than 88% of all shares on issue.
Of these, more than 87% voted in favour of the proposal, meeting the threshold required under the 'takeovers code'.
A 75% majority of the shareholders that voted was required for the deal to go through on a minimum 50% turnout.
Commenting on the result, Dawn Meats CEO Niall Browne said: “We are pleased and excited by the outcome of the vote by Alliance’s farmer shareholders and we now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future for both Dawn Meats and Alliance.
"We now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future.
“We believe this partnership will create a dynamic industry competitor with a unique combination of customer relationships, resources, skills, routes to market and industry knowledge, giving both Dawn Meats and Alliance a powerful competitive edge, locally and globally."
We now look forward to maximising the potential of the new opportunities this strategic partnership will unlock in the future
When the deal was announced back in August, it was widely expected that the offer from Dawn would get shareholder approval.
However, a campaign was mounted by a group of farmers opposed to the deal and this had attracted considerable attention and debate at roadshows over recent weeks which were organised to explain the deal.
What’s in the deal
Dawn Meats will inject NZ$270m (€135m) into the Alliance business in return for a 65% stake in the business, with the other 35% stake retained by Alliance shareholders.
The original investment had been agreed at NZ$250m (€125m), but there was provision for an adjustment to reflect financial performance in the current trading year which added an extra NZ$20m (€10m) to the Dawn investment.
See this week's Irish Farmers Journal for more analysis and an interview with Niall Browne.
Read more
Details of Dawn New Zealand deal revealed
Alliance shareholders considering Dawn offer
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