What Avonmore is offering for Waterford

. Amalgamation of Avonmore Co op and Waterford Co op based on net assets.

. One Avonmore Foods plc share for every two Waterford Foods plc shares.

. £20 million of enlarged group's shares to be transferred from enlarged co op to existing Waterford Co op members and £46.8 million to existing Avonmore Co op members.

. Waterford milk price to be brought up to Avonmore milk price - an additional 3.25p per gallon for Waterford farmers

. No reduction in milk price in 1997 because of green pound revaluation - equivalent to 3p per gallon

. Waterford liquid milk suppliers to receive same price at Avonmore liquid milk suppliers

. For three years - 1997, 1998 and 1999 - milk suppliers to enlarged group to receive milk price 3p per gallon above average milk price as indicated by Craig Gardner creamery milk price audit

. Patronage bonus similar to current Avonmore scheme where co op shares are allocated to members based on level of business with the co op

. Board of enlarged co op to have equal representation of Avonmore and Waterford farmers - 13 each. Co op to retain majority 55 per cent stake in plc

. Enlarged plc board to have 19 Avonmore members and 13 Waterford members