Speculation is widespread among Kerry milk suppliers that a Kerry Co-op bid has been finalised and submitted to Kerry Group.
If successful, this would see the dairy processing assets of Kerry Group move to a joint venture (JV) structure with Kerry Co-op. No confirmation from Kerry Co-op or the Kerry Group was forthcoming when queried by the Irish Farmers Journal this Saturday.
We understand that a subgroup of co-op directors was created to finalise the bid on Friday last.
Seemingly the co-op board decided to create a subgroup in order to keep the final bid figure secret as alleged breaches of confidentiality have been widespread.
Both sides are keeping very quiet on whether a bid has been tabled and what is involved, leading to a lot of speculation, frustration and anger among milk suppliers and shareholders.
All week a document outlining a vision for the new business and potential buyout has been doing the rounds between milk suppliers.
It is understood a Garda investigation has begun into alleged breaches of confidentiality as co-op board meetings were ongoing.
The Garda press office and Kerry Co-op have been asked if an investigation is ongoing but no comment has been forthcoming.
The situation is very difficult for co-op directors as the board meetings have been conducted online, which for such a monumental decision is very challenging.
Engagement
The Irish Farmers Journal also understands that no shareholder engagement will happen before bid finalisation and/or a deal. We understand that directors voted against engaging with shareholders. If verified, this would seem extraordinary for such an important decision given the track record of holding votes on various issues down through the years between Kerry Co-op and Kerry Group.
Both the Irish Farmers Association (IFA) and the Irish Creamery Milk Suppliers Association (ICMSA) have issued strongly worded statements suggesting engagement with shareholders was absolutely necessary before the finalisation of any bid.
Arbitration
The co-op board has not released any information since the last statement, published late on Wednesday night (7 April), suggesting the co-op board is not returning or going to finance a return to arbitration.
Subsequently the former Kerry Co-op chair James Doyle said he is going ahead with arbitration to finalise the leading milk price issue irrespective of what the board think.
Read more
Kerry dairy business buyout proposed
Former Kerry chair triggers leading milk price row
Farmers must be consulted before Kerry deal finalised – IFA
Proposed Kerry buyout: farmer anger at lack of information
Speculation is widespread among Kerry milk suppliers that a Kerry Co-op bid has been finalised and submitted to Kerry Group.
If successful, this would see the dairy processing assets of Kerry Group move to a joint venture (JV) structure with Kerry Co-op. No confirmation from Kerry Co-op or the Kerry Group was forthcoming when queried by the Irish Farmers Journal this Saturday.
We understand that a subgroup of co-op directors was created to finalise the bid on Friday last.
Seemingly the co-op board decided to create a subgroup in order to keep the final bid figure secret as alleged breaches of confidentiality have been widespread.
Both sides are keeping very quiet on whether a bid has been tabled and what is involved, leading to a lot of speculation, frustration and anger among milk suppliers and shareholders.
All week a document outlining a vision for the new business and potential buyout has been doing the rounds between milk suppliers.
It is understood a Garda investigation has begun into alleged breaches of confidentiality as co-op board meetings were ongoing.
The Garda press office and Kerry Co-op have been asked if an investigation is ongoing but no comment has been forthcoming.
The situation is very difficult for co-op directors as the board meetings have been conducted online, which for such a monumental decision is very challenging.
Engagement
The Irish Farmers Journal also understands that no shareholder engagement will happen before bid finalisation and/or a deal. We understand that directors voted against engaging with shareholders. If verified, this would seem extraordinary for such an important decision given the track record of holding votes on various issues down through the years between Kerry Co-op and Kerry Group.
Both the Irish Farmers Association (IFA) and the Irish Creamery Milk Suppliers Association (ICMSA) have issued strongly worded statements suggesting engagement with shareholders was absolutely necessary before the finalisation of any bid.
Arbitration
The co-op board has not released any information since the last statement, published late on Wednesday night (7 April), suggesting the co-op board is not returning or going to finance a return to arbitration.
Subsequently the former Kerry Co-op chair James Doyle said he is going ahead with arbitration to finalise the leading milk price issue irrespective of what the board think.
Read more
Kerry dairy business buyout proposed
Former Kerry chair triggers leading milk price row
Farmers must be consulted before Kerry deal finalised – IFA
Proposed Kerry buyout: farmer anger at lack of information
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