National Milk Records

Canaccord Genuity acted as Rule 3 Adviser, AQSE Corporate Adviser and Sole Broker to National Milk Records on its c.£48.0 million takeover by Associated British Foods plc.

Canaccord Genuity is pleased to announce it has acted as Rule 3 Adviser, AQSE Corporate Adviser and Sole Broker and to National Milk Records plc (“NMR”) on its c.£48.0 million takeover by Associated British Foods plc, the LSE premium-listed diversified international food, ingredients and retail group with a current market capitalisation of circa £15 billion.

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.

In delivering its services, NMR has been working to help reduce carbon emissions per litre of milk whilst maintaining overall milk yields. This objective aligns with the aims of the UK dairy supply chain, which continues to be proactive in its drive to prove its carbon reduction and carbon neutrality credentials. NMR’s services and data are central to achieving that aim.

The all-cash offer at a price of 215 pence represented a premium of approximately of 87.0% to the closing price of an NMR Share of 115 pence on 5 June 2023, being the last business date the commencement of the offer period; 94.6% to the three-month VWAP; and 85.6% to the six-month VWAP. Canaccord Genuity has acted as AQSE Corporate Adviser and Sole Broker to NMR since November 2019.