"Glanbia Ireland decided, having considered the LacPatrick situation alongside our current strategic priorities, not to engage any further in the process," a spokesperson for Glanbia has told the Irish Farmers Journal.

"Glanbia confirms therefore that, except for an initial evaluation of the situation, the company has not made any formal submission or bid in respect of LacPatrick. We wish them every success for the future," the spokesperson added.

Lakeland, Dale Farm and Aurivo are the other processors who received initial financial reports from LacPatrick, after the co-op invited interested participants to merger talks at the end of April.

The board of LacPatrick said it was open to consolidation after receiving notice from members threatening to leave the co-op following a price cut.

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