Buyout narrowly rejected by members

A PROPOSED €343m buyout of the Irish interests of Glanbia plc, its largest shareholder, by Glanbia Co-operative Society was narrowly rejected at a special general meeting yesterday.

The co-op’s plan failed to secure the requisite 75% member approval to advance its proposal to acquire the Irish dairy and agri-businesses of Glanbia plc at the meeting of shareholders in Kildalton College, Piltown, Co Kilkenny.

Despite a 73% majority of members voting in favour of the acquisition, the proposal failed – a 75% approval motion was required to green light the proposal under co-op rules.