Kerry to explain co-op bid details

THE €33 million bid by Kerry Group for Newmarket Co-op will be explained in detail to the society’s shareholders at a meeting in Ballydesmond tonight.

Kerry officials will attend the meeting and answer questions relating to its offer to acquire the entire issued share capital of the Co Cork co-op for a price of €421 per share.

The deal, if approved, will be worth an average €39,000 to each of the co-op’s 680 shareholders, most of them in the Duhallow region of North West Cork. Approval by Newmarket shareholders and the Competition Authority will be required if the deal is to go ahead.