Associated British Foods PLC (LSE:ABF) (ABF) has picked up dairy technology company National Milk Records PLC (AQSE:NMRP) (NMR) in a £48mln deal.
The agreed cash offer, worth 215p per NMR share, will be made by the group’s AB Agri business, and represents a 87% premium to Aquis-listed NMR's closing price on June 5.
AB Agri is ABF's international agri-food business with a presence in more than 80 countries, employing over 3,000 people internationally.
The FTSE 100-listed firm said 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.
NMR said it felt the terms were “fair and reasonable,” and urged shareholders to back the deal.