Outcome to be close

THE outcome of the first vote by Glanbia Co-op shareholders on the proposed €343 million buyout of the Irish interests of Glanbia plc is expected to be close.

Over 8,000 co-op shareholders are entitled to vote at today’s special general meeting in Kildalton College, Piltown, Co Kilkenny.

Details of the proposals have been forensically examined by farmers at dozens of well-attended meetings in recent weeks.

Backing for the buyout increased among co-op members in the past week, but industry sources believe the result will still be tight as approval of the deal will require 75% support of eligible voters.

Today’s special general meeting will involve a major logistics operation covering traffic directions, parking and voter registration.

A 6,000 seat marquee has been erected in the grounds to facilitate the meeting, which will be attended by co-op members from Cavan and Louth to Cork and Wexford.

Shareholders have been advised to bring along their admission cards and photo identification to speed up the process which begins at 10am.

They are also being advised not to arrive with family members or friends as only card-carrying Glanbia shareholders will be admitted to the meeting. The special general meeting will begin at noon and the result is expected in the late afternoon.

The deal requires approval at today’s meeting, another on May 24, an extraordinary general meeting to be convened by the plc and the successful completion of share placing.