Kerry Group has received acceptance of its offer for Golden Vale from shareholders holding almost 72 per cent of Golden Vale’s share capital, short of the 80 per cent needed to declare the offer unconditional.
The offer has been extended and will remain open for acceptances until 3 p.m. on Friday, August 10th, 2001.
Approximately 57 per cent opted for Kerry's offer of one of its own shares for every 10 Golden Vale shares, 13 cents per share in cash, plus interim and special dividends worth another 4.26 cents per share.
There is also a straight cash alternative of euro 1.50 per Golden Vale share plus the 4.26 cents in special and interim dividends.
A total of 115,221,008 Golden Vale Ordinary voting shares, representing approximately 72.4 per cent of the existing issued share capital of Golden Vale were cast.
Kerry tabled its offer when its own shares were trading at euro 13.70 - producing the initial valuation for the offer of euro 1.5426 per share.
But Kerry shares have risen sharply during the past few weeks, making the offer more attractive to Golden Vale shareholders.
At yesterday's Kerry price of euro 14.20, the offer is worth euro 1.5926 per share to Golden Vale shareholders, if they opt for the share alternative.