UPDATE: Tirlan remains "strong supporter" Glanbia after 7% stake sale
Glanbia PLC - Kilkenny, Ireland-based sports nutrition company - Tirlan Co-operative Society Ltd sells 17.0 million Glanbia shares, as planned, to finance the repurchase of EUR250 million in Tirlan bonds. The shares, representing a 6.8% stake, are sold at EUR13.55 per share, raising EUR230.4 million gross. The share sale to institutional investors is conducted as an accelerated bookbuild led by Goodbody Stockbrokers and J&E Davy. As part of the share sale by Tirlan, Glanbia buys back 7.4 million of the shares, or a 2.9% stake, at the EUR13.55 offer price, for a total of EUR100.0 million, as part of its share buyback programme. It will cancel the repurchased shares. Tirlan retains 43.5 million Glanbia shares - just under an 18% stake following the share cancellations - and remains the largest equity investor in Glanbia. Tirlan says it "continues to be a strong supporter" of Glanbia's strategy. Read More