Richmond Foods has approved a GBP182.2m (US$335.7m) offer from Ruby Acquisitions to acquire the UK ice cream firm.

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Under the agreement, shareholders will receive GBP7.50 per share plus an interim dividend of up to GBP0.03 per share to holders prior to completion of the proposals.


Ruby is a newly incorporated company controlled by the Oaktree Funds, which plans to combine Richmond with its Roncadin ice cream business in Germany upon completion of the deal.


North Yorkshire-based ice cream maker Richmond, whose shareholders voted in favour at an EGM on Friday (9 June), first announced details of the takeover a month ago.

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