Scottish milk producer Robert Wiseman Dairies has agreed to a takeover bid by German dairy giant Muller. Wiseman has accepted a £279.5 million offer by Muller; the cash offer of 390p-a-share represents a 60 per cent premium on the closing price for Wiseman’s shares on Thursday,the day before Muller’s offer.

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Robert Wiseman Dairies has gone from producing milk from a farm in East Kilbride in the 1940s to providing 30per cent of the fresh milk sold in Britain today, through contracts with retailers including the Cooperative group and Tesco. However, in recent months the Scottish dairy group has suffered somewhat due to rising input costs, including fuel and plastics, supermarket milk price wars and tough market conditions.

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