German dairy giant Muller to acquire UK’s Robert Wiseman for $427 mn
17 Jan 2012
German dairy giant, Muller Dairy is acquiring Robert Wiseman Dairies, Britain's biggest fresh milk producer that supplies one-third of the country's fresh milk, in a £279.5-million ($427 million) deal.
Bavaria-based Müller will pay 390-pence per share, representing a 60-per cent premium on the company's closing share price on 12 January.
The deal will fetch the Wiseman family, which owns 35.1-per cent of the stock, £98.1 million ($150 million).
Founded in 1947, Glasgow-based Wiseman operates six major processing dairies in Aberdeen, East Kilbride, Glasgow, Manchester, Droitwich Spa and Bridgwater.
It produces 30-per cent of the fresh milk consumed in the UK and counts the Co-operative Group, Sainsbury's and Tesco among its customers.
Müller, owned by Theo Müller, has an annual turnover of €2.2 billion, and has been operating in the UK through its subsidiary Müller Dairy since 1987.