Glanbia’s independent shareholders approved the proposed transaction at an extraordinary general meeting on Monday. This clears the way for the new entity Glanbia Ireland to be created, a joint venture 60% owned by Glanbia Co-op and 40% owned by Glanbia plc. The farmer vote at a Special General Meeting in Punchestown last Thursday agreed to pay €112 million to acquire a 60% shareholding in Glanbia plc’s Dairy Ireland division, which consists of Glanbia Consumer Products and Glanbia Agribusiness.

Spin Out

Today's vote also gives the go-ahead for the society to ‘Spin Out’ approximately 5.9 million Glanbia shares to over 14,000 individual co-op members, equivalent to 2% of the issued share capital of Glanbia.

The Society now intends to sell approximately 8.7 million Glanbia shares, equivalent to 3% of the issued share capital of Glanbia. This will fund the proposed transaction which is subject to certain completion conditions but should close in early July 2017.

Stockbrokers

J&E Davy and Goodbody Stockbrokers have been appointed by the Society as joint book-runners on the Placing. The Placing will take place via an accelerated book build process.

Today the co-op owns approximately 36.5% of the issued share capital of Glanbia. If the Placing and the Spin Out are executed in full the co-op's holding would reduce to 31.5% of the issued share capital of Glanbia.

Read more

Creating Glanbia Ireland - an exclusive interview with Siobhan Talbot