Narrow defeat for Glanbia buy out plan

10th May 2010 17:56

Glanbia Co-operative Society has failed to secure the required majority of 75% needed to progress the acquisition of the group's Irish Dairy and Agri Businesses.The proposal has been rejected by a narrow margin with 73% of members voting in favour of the deal.John Moloney, Group Managing Director of Glanbia, said: "We believed this was a compelling and strategic opportunity for both the Society and the plc. A lot of work has gone into bringing this proposal to the vote today.""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 of the Society to take the deal forward.""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," he added.