AB Foods to Buy National Milk Records for GBP48.0 Million
June 06 2023 - 2:48AM
Dow Jones News
By Ian Walker
Associated British Foods said Tuesday that it has agreed to buy
National Milk Records for 48.0 million pounds ($59.7 million) as
part of a plan to expand its agri-food business.
Under the deal AB Foods, which also houses the Primark retail
chain, is offering 215 pence in cash per NMR share. The price is an
87% premium to NMR's closing price of 115.0 pence on Monday.
"NMR's business is well aligned with AB Agri's objective of
supporting customers across the dairy industry, helping to drive
efficiency and increase productivity," AB Foods said.
The acquisition, which is being financed from existing cash
resources, is expected to complete in the third quarter of this
year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 06, 2023 02:33 ET (06:33 GMT)
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