As widely expected, the shareholders of Kerry Group Plc overwhelmingly backed the proposal which will see the company sell its Irish dairy division to Kerry Co-op for an eventual consideration of €500m.
The tally at the vote in Tralee on Thursday December 19 showed 99.83% of shareholders backed the deal, with 84,748,707 votes in favour and 141,376 against. (Every share in the plc counts as a single vote, which explains the very large number of votes).
The vote was the last box that needed to be ticked to allow the takeover to go ahead, with regulatory approval already secured and the backing of members of Kerry Co-op given at a separate vote on Monday December 16.
ADVERTISEMENT
Timeline
Both Kerry Co-op and Kerry Group had previously indicated that they hoped the deal would be completed by the end of January, and following this vote there now seems little threat to that timeline.
Kerry Group shares are currently trading close to €92, around €4 per share higher than they were when the deal was first announced.
Should they sustain that level around the completion of the deal, it would mean Kerry Co-op would need approximately €11.5m less debt in order to fund the first €350m tranche of the deal.
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
As widely expected, the shareholders of Kerry Group Plc overwhelmingly backed the proposal which will see the company sell its Irish dairy division to Kerry Co-op for an eventual consideration of €500m.
The tally at the vote in Tralee on Thursday December 19 showed 99.83% of shareholders backed the deal, with 84,748,707 votes in favour and 141,376 against. (Every share in the plc counts as a single vote, which explains the very large number of votes).
The vote was the last box that needed to be ticked to allow the takeover to go ahead, with regulatory approval already secured and the backing of members of Kerry Co-op given at a separate vote on Monday December 16.
Timeline
Both Kerry Co-op and Kerry Group had previously indicated that they hoped the deal would be completed by the end of January, and following this vote there now seems little threat to that timeline.
Kerry Group shares are currently trading close to €92, around €4 per share higher than they were when the deal was first announced.
Should they sustain that level around the completion of the deal, it would mean Kerry Co-op would need approximately €11.5m less debt in order to fund the first €350m tranche of the deal.
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS