Golden Vale takeover set to go ahead

One of the biggest company takeovers in the history of the Irish food industry looks set to go ahead.

The Kerry Group has increased an offer tabled earlier this month for the smaller rival Co Cork-based Golden Vale.

The new bid was worth around £1.22 a share to shareholders, who were being recommended to accept by the Gold Vale board.

The earlier offer, of £1.08 a share, was rejected as it was claimed it did not reflect the true value of the targeted company.

Golden Vale chief executive Jim Murphy said: "The offer represents a good deal for our shareholders. It will be up to them, but our board is recommending it."