Gulf starts at Sheikh Adi-2 25/05/2012
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Wiseman creams cash bid
Leading milk supplier Robert Wiseman Dairies (RWD) has agreed a 390p cash bid from yoghurts giant Muller which values the Scottish group at £279.5 million.
The shares soared on Friday, forcing Wiseman to issue a statement it was in bid discussions. With six major processing dairies, Wiseman provides about one third of all fresh milk sold in the UK, but there has been continued pressure by the food industry to consolidate their supplier base.
Germany based Muller has been courting Wiseman for some time, indeed it has retained a stake since the firm listed in 1994. The rationale for the deal is that the combined business will enjoy significantly enhanced scale, further increasing the breadth of the Muller group across Europe.
Best known for its fruit corner yoghurts, Muller trades from one UK site and is the market leader in chilled yoghurt and potted desserts. Shareholders will be entitled to retain the 5.75p interim dividend which has already been declared. It has already got the backing of the Wiseman family and three insitutional shareholders - a total of 54.9 per cent.
Wiseman has picked up additional sales volumes from Tesco, Aldi and the Co-op but its contract with Aldi has expired. High diesel prices continue to hit (it buys 33 million litres of diesel a year) and it has also suffered from weak bulk cream prices over Christmas.
The shares have soared 61p to 389p. Broker Numis had been expecting 2011 pre-tax profits of £23 million and EPS of 22.8p, so an exit multiple of 17 times earnings represents a generous price. A rival offer looks unlikely. Accept.
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