Tirlán has announced that it is selling up to 12m shares in Glanbia plc, amounting just over a quarter of the co-op’s holding of Glanbia shares.
At current market prices, that sale will generate over €250m for the co-op. The final price per share achieved in the sale will be confirmed once the sale is complete.
The shares will be sold through a combination of a market placing with investors and the buyback by Glanbia of €50m of its own shares. Once the transaction is complete, Tirlán will retain 31.5m shares in Glanbia.
Tirlán gave no indication if the sale of the shares was to fund a particular purchase or investment, saying that the transaction “represents a step in the co-op’s longer-term journey to have a more diversified investment portfolio”.
Strong performance
Shares in Glanbia have had a very strong performance so far this year, gaining more than 50% since the start of January. Selling the shares now allows Tirlán to take advantage of this rally.
The co-op has reduced its holding in Glanbia significantly over the last 18 months.
Once this transaction completes, it will have reduced the number of shares it holds by more than half from the 75.5m held at the start of 2024.
Tirlán has agreed to a 90-day lock-in for the balance of its sales in Glanbia, meaning that the co-op will not be selling any more shares in the coming months.
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