Talks between a potential merger between Lakeland Daries and LacPatrick are 'entering the final stages', according to Agriland.
Details of the deal are due to be released in the coming days. Lakeland chief executive Michael Hanley told AgriLand that over the July holidays the talks had stalled, but the two were now making “good progress”.
Good Progress
“The talks are progressing very, very well. July was a slow month because of holidays but we would expect within the next few weeks to bring forward further details of the merger proposals,” Hanley said.
“We are currently in the process of carrying out due diligence.”
The boards of LacPatrick Dairies and Lakeland Dairies agreed to enter into exclusive discussions regarding an amalgamation of the two groups at the end of June.
LacPatrick subsequently hosted a Shareholder vote some weeks later. Last week it announced the departure of CEO, Gabriel D’Arcy.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
