Around 500 shareholders in a north Cork dairy co-op are to share a cash windfall of more than €25m after they cleared the way for the co-op to be sold to neighbouring food company Kerry Group.
The shareholders will receive an average of €50,000 each from the deal, which is expected to be completed in the coming weeks.
Newmarket is a small town of around a thousand people at the centre of a rich dairy farming area in north Cork.
The town has its own dairy co-op, with a cheese plant capable of producing 35,000 tonnes of cheddar per year, and its success has attracted the interest of neighbouring food company Kerry Group.
Despite the cash offer, a small minority of shareholders opposed the deal but at a special general meeting last night, Newmarket's shareholders voted overwhelmingly to clear the way for Kerry Group to take over the co-op.
Many shareholders have already returned their acceptance forms and, provided the deal is cleared by the Competition Authority, they can look forward to a cheque in the post by the middle of next month.
