NMR BR Case Study

BlytheRay acted as a key advisor on the £48 million acquisition of National Milk Records by FTSE 100 company, Associated British Foods.

On 6 June 2023, National Milk Records (“NMR”), the established agri-tech information services provider in UK dairy, announced a Recommended Cash Acquisition of NMR by AB Agri, a wholly owned subsidiary of Associated British Foods (“ABF”), the international food, ingredients, and retail group, for £48 million.

In the lead-up to the announcement, the BlytheRay team worked closely with NMR as a key advisor, alongside Gowling WLG and Canaccord Genuity, to devise an internal and external communications strategy for the announcement of the transaction, in accordance with the London Stock Exchange Take Over Code.

BlytheRay helped develop, and released, the initial regulatory announcement regarding the transaction, and all subsequent announcements from NMR, helping to ensure all requirements of the Timetable of Principal Events were met. Additionally, BlytheRay drafted all internal communications to be distributed to NMR team members, customers, contractors and suppliers. These communications included notices, letters and FAQs to be placed on internal systems and on NMR’s website to provide easily digestible answers that summarised the Rule 2.7 announcement.

All activities regarding the project were conducted under strict confidentiality to ensure all regulations were adhered to and discretion was maintained.  

Following the successful announcement of the transaction, BlytheRay handled all media enquiries, as well as enquiries from shareholders and internal NMR team members, ensuring that all responses were made in accordance with the Takeover Code and other regulations.

The transaction was covered across both National and Industry press, with articles written by the Times, the Telegraph, Daily Mail, City A.M., Farming UK, Farmers Weekly and the Food Manufacturer, as well as others.

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