The Commercial Court has ordered the majority shareholder in Elst, the holding company of Monaghan Middlebrook Mushrooms, to buy out Donegal Investment Group’s (DIG) minority shareholding valued at €30.6m.
The decision comes after DIG took a shareholder oppression claim against Danbywiske, owned by the Wilson family and the majority shareholder in Elst, alleging it was being excluded from the business affairs of the company.
DIG holds a 35% stake in Elst, a holding company formed after the creation of Monaghan Mushrooms in 2004 following the merger of Carbury Mushrooms and Monaghan Middlebrook Mushrooms.
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DIG had previously held a 52% shareholding in Carbury Mushrooms which was diluted to a 35% stake in Elst following the merger.
Last December, the Commercial Court valued DIG’s minority shareholding in Elst at €30.6m should a majority buyout be ordered. DIG is appealing this valuation which it believes should be closer to €34m.
Based in Tyholland, Co Monaghan, Monaghan Mushrooms is the largest mushroom producer in Europe and second largest in the world.
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The Commercial Court has ordered the majority shareholder in Elst, the holding company of Monaghan Middlebrook Mushrooms, to buy out Donegal Investment Group’s (DIG) minority shareholding valued at €30.6m.
The decision comes after DIG took a shareholder oppression claim against Danbywiske, owned by the Wilson family and the majority shareholder in Elst, alleging it was being excluded from the business affairs of the company.
DIG holds a 35% stake in Elst, a holding company formed after the creation of Monaghan Mushrooms in 2004 following the merger of Carbury Mushrooms and Monaghan Middlebrook Mushrooms.
DIG had previously held a 52% shareholding in Carbury Mushrooms which was diluted to a 35% stake in Elst following the merger.
Last December, the Commercial Court valued DIG’s minority shareholding in Elst at €30.6m should a majority buyout be ordered. DIG is appealing this valuation which it believes should be closer to €34m.
Based in Tyholland, Co Monaghan, Monaghan Mushrooms is the largest mushroom producer in Europe and second largest in the world.
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