Muller to Acquire Robert Wiseman Dairies For £279.5 Million
Muller Dairy (UK) has made a £279.5 million recommended cash offer for Robert Wiseman Dairies and has effectively acquired almost 55% of its shares. Operating from six major processing dairies in Aberdeen, East Kilbride, Glasgow, Manchester, Droitwich Spa and Bridgwater, Robert Wiseman Dairies processes and delivers more than 30% of the fresh milk consumed in Britain, every day.
Muller Dairy (UK) is the overall market leader in chilled yoghurts and potted desserts in the UK. It is part of the Muller Group, a leading, family-owned European dairy company with annual turnover of.Eur2.2 billion in 2010.
Robert Wiseman, executive chairman of Robert Wiseman Dairies.
The offer of 390 pence in cash for each Wiseman share represents a premium of approximately 59.8% over the closing middle market price of 244 pence per share on 12 January 2012, the business day immediately prior to the commencement of the offer period. Muller has received irrevocable undertakings and a letter of intent over a total of 38,885,824 Wiseman shares, representing approximately 54.9% of the issued share capital of Wiseman.
“The combination of Muller and Wiseman makes strong commercial and strategic sense, creating a leading integrated dairy business in the United Kingdom with complementary positions in the yoghurt and potted desserts market and the fresh milk market,” comments Robert Wiseman, executive chairman of Robert Wiseman Dairies. “Wiseman has its origins as a family business and, since listing in 1994, my family has retained a significant stake in the business. It is heartening to know that the business will become part of another family-owned business in Muller.” Wiseman’s management will continue to lead the business alongside Muller.
Heiner Kamps, chief executive of Muller, says: “This is an exciting strategic move by Muller to enter a new market segment in the UK. The combination of these complementary businesses will form a leading dairy player offering a range of exceptional products to our customers across the UK.”
