Shareholders in Kerry Co-op, the largest shareholder in Kerry Group plc, have approved the plc's proposal to issue a £1 patronage share in the co-operative for every 1,000 gallons of milk supplied by Golden Vale suppliers over the next five years. This will come into force if shareholders in Golden Vale plc accept Kerry's offer for the North Cork food company.

Last week, Kerry Group plc offered #1.37 a share for the entire shareholding of Golden Vale plc, valuing it at #214 million. It also offered one share in Kerry Group plc for 10 Golden Vale plc shares and offered milk suppliers the same price as Kerry suppliers.

The meeting, which was attended by about 250 shareholders, also passed a resolution to restructure electoral areas and the reorganisation of the share register to establish electoral areas in current Golden Vale catchment areas. This resolution also provided for representation to advisory committees and to the board of the co-operative and to Kerry Group plc.

Between three and four electoral areas would be created, from which three members would be appointed to the board of the co-operative; from that number, three would be nominated to the board of the plc.