€22m for Newmarket
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"Agriculture has always sustained Duhallow through bad times. If Kerry goes ahead with the takeover there is an uncertainty about the future of Newmarket," said Cllr Murphy.
Acknowledging that farmers are currently under severe financial strain, Cllr Murphy conceded that the takeover could give them an opportunity to improve cashflow.
"I don't know what will happen, there is a lot of speculation. One thing is for sure, the people of Newmarket want the co-op to stay in local ownership," said Cllr Murphy.
When news of the take-over bid first broke Deputy Michael Moynihan, a shareholder, said he will be one of the 70 non-suppliers required to vote down a takeover bid. "For me, it would be a bad move for the region as a whole if Newmarket' Co-op's independence were to go," he said. "I believe, since it was founded [the co-op] has done a good job for its suppliers and for the region.'
It would damage the farmers, the shareholders and the area, Deputy Moynihan said, if this take-over were to go ahead.
This week the Irish Independent reported that a valuation of €7-8 million was placed on the co-op's stock and the remaining €15-16 million relates to nominal valuations on the co-op's investments and the value of shares.
The Newmarket Co-op share register is made up of around 80% dry shareholders while just 20% are still working dairy farmers — a vote is expected to take place within the next few weeks.
