Shareholders vote in favour of Arla Foods amba's acquisition of UK subsidiary
- 12 March 2007
- Press contact
The board of Arla Foods UK is pleased to announce that, at the Court Meeting and Extraordinary General Meeting of Arla Foods UK Shareholders held earlier today, Arla Foods UK Shareholders voted to approve, by the necessary majorities, the scheme of arrangement under s425 Companies Act 1985 to implement the recommended acquisition of Arla Foods UK by Arla Foods UK Holding. Details of the resolutions are set out in the notices of the meetings contained in the Scheme document posted to Arla Foods UK Share-holders on 15 February 2007 (the "Scheme Document").
At the Court Meeting 92.15 % of shareholders present and voting in person or by proxy voted in favour of the Scheme representing 99.64 % of the votes cast in value. At the EGM the resolution was passed on a show of hands and was supported by 99.69 % of the proxy votes cast.
The implementation of the acquisition remains conditional upon the satisfaction or waiver of the Conditions set out in the Scheme Document including the sanction of the Scheme and the confirmation of the Capital Reduction by the Court. It is anticipated that the Court hearing to sanction the Scheme will take place on 2 April 2007 and the Court hearing to confirm the Capital Reduction will take place on 4 April 2007 with the Scheme becoming effective on 5 April 2007 and cheques being despatched or settlement through CREST being within 14 days of the Scheme becoming effective.
Terms defined but not used in this announcement shall (unless the context otherwise requires) have the same meanings as set out in the Scheme Document posted to Arla Foods UK Shareholders on 15 Febru-ary 2007.
Arla Foods is an international dairy company owned by 9,900 farmers from Denmark, Sweden, the UK, Germany, Belgium, Luxembourg and the Netherlands. Arla Foods is one of the leading players in the international dairy arena with well-known brands like Arla®, Lurpak®, Puck® and Castello®. Arla Foods is focused on providing good dairy nourishment from sustainable farming and operations and is also the world's largest manufacturer of organic dairy products.