Co-op accepts €33m Kerry Group bid

NEWMARKET Co-op shareholders voted in favour of a €33 million bid for their society last night at a meeting in Meelin, Co Cork.

A total of 81% of shareholders, or 357, voted in favour and 19%, 82, were against. There no abstentions. There was a turnout of 439 members – 88%. A 66% majority was required for approval of the deal.

The transaction, which is subject to Competition Authority approval, 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.