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Kerry Co-op shareholders are exploring the possibility of a court injunction against their board approving a joint venture deal with Kerry Group.
Farmer anger and frustration is growing as purported details of the proposal are circulating.
So far, there has been no formal reaction – acceptance or rejection – by Kerry Group to the bid submitted last Friday by Kerry Co-op for a share of the Irish dairy business.
Shareholders wrote to the Kerry Co-op chair Mundy Hayes this week seeking a special general meeting to allow them to vote on any proposed deal.
He cited COVID-19 restrictions prohibiting large gatherings and legal opinion that a postal vote would not be possible.
While the rulebook suggests the co-op board can make the decision without a vote, an increasing number of shareholders say a vote is necessary, given the deal’s significance.
A court injunction could allow time to organise a virtual general meeting or even a large gathering, depending on COVID-19 restrictions.
SHARING OPTIONS: