AUSTRALIAN Co-operative Foods Limited members have approved a National Foods proposal to acquire all of the shares in the Co-operative.
National Foods will buy the Co-operative shares for a cash consideration of $5.65 per share.
ACF trades as Dairy Farmers.
ACF Chairman Ian Langdon said the National Foods proposal had been subject to a number of conditions including obtaining the support of 75 per cent or more of active members who voted in a special postal ballot.
"I’m pleased to report that the National Foods proposal received the support of 96.3 per cent of ACF active members who cast formal votes in the special postal ballot," Mr Langdon said.
"This equated to 1,292 formal votes being cast in favour of the proposal and 49 formal votes cast against."
Mr Langdon said more than 88 per cent of ACF's active members voted in the ballot.
Following the ballot a court hearing will take place on 18 November to seek approval of the scheme.
If court approval is granted it is proposed that the scheme will be implemented on 26 November and ACF members and qualifying former members will be paid their entitlements.
The National Foods proposal also required Dairy Farmers Milk Co-operative (DFMC) to enter into revised supply contracts with new or existing suppliers until at least 30 June 2010 for minimum specified milk volumes by region.
"In this regard, I’m confident that DFMC will successfully secure the prescribed minimum milk volumes required by the National Foods proposal," Mr Langdon said.