Irish food manufacturer Kerry Group has confirmed its offer to acquire NewMarket Co-operative Creameries, in a deal that values the cheese maker at EUR33m (US$42.2m), including debt.

The offer, for EUR421 a share, is subject to Kerry gaining commitments to acquire some 66% of Newmarket’s issued share capital before 10 September.

Kerry Group CEO Stan McCarthy said: “The group has a long-standing business relationship with Newmarket Creameries and high regard for Newmarket cheese-making competency. Combining Kerry and Newmarket represents a positive growth and business development opportunity in the interest of all stakeholders in both companies.”