Dawn Meats weighs up takeover bid for Dunbia
Irish food giant Dawn Meats is lining up a takeover bid for Northern Ireland meat firm Dunbia.
It is understood the Waterford-based company is close to making an offer for the Co Tyrone firm, formerly known as Dungannon Meats.
Discussions between the two companies are thought to have been taking place for around six months. But despite several industry insiders backing the claims, both companies declined to comment.
Dawn Meats said its policy is "not to comment on market rumours or speculation," while a spokeswoman for Dunbia said the firm had "no comment to make".
Dunbia is run by brothers Jim and Jack Dobson and has annual sales of around £787m (€903m). The firm employs nearly 4,000 people around the globe, including around 1,000 in Dungannon. Last year the firm sold its pork business in Cullybackey, Co Antrim to English-based Cranswick.
It's understood the latest development involves the rest of the business, processing lamb and beef, as insiders say the brothers may be seeking to sell the business to prepare for their retirement.
The Dobson brothers came in at 129th in this year's Sunday Times Rich List, published earlier this month.
They were reported to have a net worth of €104m.