The founder, and former chief executive, of Kerry Group has called the proposed takeover of the group’s dairy division by Kerry Co-op the ‘deal of the century’.
Denis Brosnan is advising Kerry Co-op shareholders to accept the €500 million deal, which would exchange 85% of their shares for Kerry Group shares, with the rest used to finance the deal.
The sale would take place in two phases; the first worth around €350 million with the co-op initially acquiring 70% of Kerry Dairy Ireland by the end of next January, with Kerry retaining a 30% interest.
The second phase would see the remaining 30% of Kerry Dairy Ireland transferred to the co-op in the period up to 2035.
Mr Brosnan says shareholder turnout for the vote could be the determining factor:
HEAD: Former chief executive of Kerry Group calls proposed takeover of dairy division ‘deal of the century’