Shareholders at Irish dairy company Golden Vale have offered valid acceptances totalling 82.6% of the company’s share capital for a takeover offer by Kerry Group.

The offer came as a surprise for market watchers, who point out that a massive 75% of international food group Kerry’s interests are outside Ireland.

Kerry valued its cash and shares bid at around €245m (US$220m), offering €1.50 cash for every Golden Vale share, or one Kerry share in return for every 10 Golden Vale shares.