Two-and-a-half years ago, Glanbia finally admitted defeat in its efforts to become a major player in the British liquid milk market when it sold its milk business to Express Dairies for more than €150 million (£190 million).

At the time, the milk business in Britain was in dire shape with the major supermarket chains squeezing the milk suppliers unmercifully. Without real scale, milk suppliers were unable to resist the pressure from the multiples so the strategy adopted by Glanbia was to grow to a size where it would be the number one or two player, or get out of the business. Glanbia chose the latter and weren't they wise - even if it meant taking a €80 million-plus goodwill hit on the sale.

Now Express is in absolutely dire shape and an expected 35p a share possible offer from the Scandinavian dairy co-op Arla values Express at just £100 million sterling (€160 million). The Glanbia business Express bought for €150 million two-and-a-half years ago accounts for a quarter of the total turnover and based on the expected offer from Arla is now worth just €40 million!