Irish food manufacturer Kerry Group has confirmed that investors representing over 82% of the shares in Newmarket Co-operative Creameries have accepted its bid to buy the business.
The firm announced its intention to acquire Newmarket last month, in a deal that values the cheese maker at EUR33m (US$42.2m), including debt.
The deal was subject to gaining commitments before 10 September and Kerry said today that 82.49% of shares had been tendered in its favour.
Completion of the transaction is now subject to approval by the Competition Authority of Ireland.
Newmarket Creameries, located in North Cork, has an annual manufacturing capacity in excess of 35,000 tonnes and is a supplier of cheese to Kerry Group’s branded cheese business.