Britain’s biggest milk producer saw its share price rise by 21% today after it confirmed that negotiations were underway.
The firm’s share price was 327.75p at the time FoodManufacture.co.uk went to press.
"The Board confirms that discussions regarding a possible cash offer are taking place with Müller Dairy Limited,” the firm revealed in statement.
Wiseman also said that there was no certainty that the negotiations would lead to an offer for the firm.
Code rules
A spokesman for Wiseman also told FoodManufacture.co.uk that further information could not be disclosed due to “code rules”.
The German dairy and yoghurt maker now has until February 10 to make a decision on whether to make a solid bid for the firm.
This deadline cannot be extended without the consent of the Takeover Panel, Wiseman added.
Robert Wiseman currently supplies about a third of the UK milk market and operates seven dairies across Britain. Back in September last year it said that profits had been hit by competition from rivals, Arla and Dairy Crest, as well as rising input costs.
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