Ashurst advises Rothschild on recommended cash acquisition of NMR

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    The ABF group is a diversified international food, ingredients and retail group, with 132,000 employees in 53 countries. ABF has a premium listing on the Main Market of the London Stock Exchange and has a market capitalisation of some £14 billion with a net cash position of circa £0.6 billion. Pursuant to the terms of the acquisition, AB Agri Limited, a wholly-owned subsidiary of ABF will acquire the entire issued and to be issued ordinary share capital of NMR. AB Agri is ABF's international agri-food business and a leader in the UK agricultural sector.

    NMR provides milk recording and testing services, invoicing upwards of 3,000 farms every month. In addition, NMR provides milk payment testing services to the majority of the UK's milk processors. Through its laboratories, NMR also provides disease testing services for individual animals and whole herd analysis. NMR continues to differentiate itself by developing new products and services and investing in alternative technologies, notably genomics and GenoCells.

    The acquisition is being implemented by way of a Court-sanctioned scheme of arrangement and values the entire issued and to be issued ordinary share capital of NMR at approximately £48 million on a fully diluted basis.

    The Ashurst team is being led by partner Tom Mercer supported by associate Colin Bugler.