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

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.