Glanbia Co-operative members have rejected a proposal to acquire the group’s Irish dairy and agri business.
A 75% majority of the dairy ingredients co-op’s member votes was needed to press on with the acquisition, but the vote fell short by approximately 3%.
A planned EGM scheduled for 25 May has been cancelled as a result.
“We did not undertake this process lightly and, of course, it is a big disappointment that it did not receive the necessary endorsement from the members,” said Glanbia group MD John Moloney.
“While it is important for us now to take some time to reflect on this outcome, we remain very confident of the underlying strength of the group’s businesses.”
Moloney said the group was on course to deliver a good set of first-half results on the back of an improved operating environment.
Tough global dairy markets bruise Glanbia (20 March 2010)
Glanbia eyes sale of Irish dairy arm (10 March 2010)
Glanbia predicts improved profits for 2010 (6 January 2010)