Kerry Group's takeover of Irish dairy firm Golden Vale should be completed by mid September. A circular will be sent to Golden Vale shareholders this week after its board unanimously approved a revised offer from Kerry Group, valuing it at 238.7m euros. Kerry upped its initial cash offer from 1.37 euros a share to 1.50 euros a share and offered a paper alternative of one Kerry share for 10 Golden Vale shares with a cash supplement of 13 cents per Golden Vale share. Kerry Group said the company had "always anticipated the proposed offer would have to be increased" while a close look at Golden Vale's books over the weekend had reassured senior management an increased offer was justified. Plant closures are not likely, said a spokesman. "We've both invested heavily in our businesses over the past few years. Extracting synergies doesn't necessarily mean restructuring' or closures. "It's more a case of streamlining processes and harmonising production across our respective sites." Analysts said Golden Vale shareholders had got a good deal, securing a premium of over 40% on the share price, while the purchase should enhance Kerry's earnings by 10%. Both companies have been diversifying beyond their dairy roots in recent years and investing heavily in consumer foods. "Significant cost savings" are anticipated through streamlining the product mix, restructuring milk assembly and extracting synergies in feed milling and agritrading. {{NEWS }}