Co-op bid of €33m likely to be accepted

THE €33m bid by Kerry Group for Newmarket Co-op is expected to be approved by the society’s shareholders at a special general meeting in Meelin, tonight.

Kerry outlined its offer to acquire the entire, issued share capital of the Co Cork co-op, for €421 per share, at an information meeting in Ballydesmond, last week.

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.