Kerry bids €22m for Newmarket
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GAME ON — Kerry Group has formally launched a bid to take over Newmarket Coop with confirmation of a €22 million offer.
The Kerry Group presented the offer to the Newmarket board last week with negotiations likely to take place in the coming weeks. A Kerry spokesperson was reported to have said: 'The ball's in now and the game is on'.
The move ends weeks of local speculation, and fears, over the future of the independent co-op. However, opinion is divided among the 600 shareholders with some Newmarket milk suppliers adamant they will try to deny any bid from the Kerry Group to buy out their co-op.
Local politicians Deputy Michael Moynihan and Cllr Gerard Murphy have already expressed strong reservations about a take-over and the issues is expected to dominate a public meeting in the town this Thursday.
This week Cllr Gerard Murphy said he is fearful that Newmarket will lose its one last major employer. Arguing that milk prices at the co-op have always been higher than Kerry Group and Dairygold, he fears the takeover could mean a loss for local farmers.
- LOUISE MCCARTHY
