Press release -
Recommended proposal for the cash acquisition of Arla Foods UK plc
Recommended proposal for the cash acquisition of Arla Foods UK plc by Arla Foods UK Holding Limited to be implemented by means of a scheme of arrangement
Results of Court Meeting and Extraordinary General Meeting
The board of Arla Foods UK is pleased to announce that, at the Court Meeting and Extraordinary General Meeting of Arla Foods UK Shareholders held earlier today, Arla Foods UK Shareholders voted to approve, by the necessary majorities, the scheme of arrangement under s425 Companies Act 1985 to implement the recommended acquisition of Arla Foods UK by Arla Foods UK Holding. Details of the resolutions are set out in the notices of the meetings contained in the Scheme document posted to Arla Foods UK Shareholders on 15 February 2007 (the "Scheme Document").
At the Court Meeting 92.15% of shareholders present and voting in person or by proxy voted in favour of the Scheme representing 99.64% of the votes cast in value. At the EGM the resolution was passed on a show of hands; 99.69% of the proxy votes cast received were in favour of the resolution.
The implementation of the acquisition remains conditional upon the satisfaction or waiver of the Conditions set out in the Scheme Document including the sanction of the Scheme and the confirmation of the Reduction of Capital by the Court. It is anticipated that the Court hearing to sanction the Scheme will take place on 2 April 2007 and the Court hearing to confirm the Reduction of Capital will take place on 4 April 2007 with the Scheme becoming effective on 5 April 2007 and cheques being despatched or settlement through CREST being within 14 days of the Scheme becoming effective.
Terms defined but not used in this announcement shall (unless the context otherwise requires) have the same meanings as set out in the Scheme Document posted to Arla Foods UK Shareholders on 15 February 2007.
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Arla Foods UK plc is home to some of the UK’s leading dairy brands including Cravendale, Lurpak and Anchor. Processing approximately two billion litres of milk a year Arla continues to be one of the UK’s leading dairy companies and a supplier of fresh liquid milk and cream to the top seven retailers.
Over 2,500 daily deliveries are made directly to stores nationwide and Arla brands can be found across the dairy category. As well as the leader of the butter, spreads and margarine sector, and a major supplier of other added value products including flavoured milk and cheese, Arla continues to build working relationships with Arla Foods Milk Partnership, a unique group of dairy farmers, which supplies around 90 per cent of Arla's total milk requirements.
Behind this leading business is a team of circa 2,800 people across the UK located at our dairies, distribution centres and head office.
