The founding family of the UK's biggest fresh milk supplier was today set to pocket nearly £100 million after agreeing to sell out to German giant Muller.
The Glasgow-based Robert Wiseman Dairies said more than half of its shareholders have accepted a £279.5 million takeover offer from the German-owned yoghurt maker best known for Muller Corner and Muller Rice.
Although shareholders have yet to officially vote, it is being seen as "a done deal" by analysts, and will trigger a £98.1 million windfall for the Wiseman family, who own 35% of the shares.
Wiseman produces about a third of the fresh milk consumed in the UK and counts the Co-operative Group, Sainsbury's and Tesco among its customers.
Shares were up 19% today after gains of 34% on Friday when Wiseman admitted it was in talks with Muller.
Robert Wiseman, executive chairman of Wiseman, said the deal made "strong commercial and strategic sense", by combining two leading dairy businesses. The management of Wiseman will stay in their posts after the deal.
Wiseman added: "It is heartening to know that the business will become part of another family-owned business in Muller.
"Muller's offer represents an attractive price for an outstanding business."
Wiseman was established in 1947 and operates six major processing dairies in Aberdeen, East Kilbride, Glasgow, Manchester, Droitwich Spa and Bridgwater, and employs 5,000 staff.
Wiseman's share price has fallen dramatically in the past two years as it has struggled to pass on higher feed and fuel prices to supermarket customers amid fierce competition and a squeeze in consumer spending.
It recently said profits fell 42% to £11.8 million in the six months to October 1 after it put up prices to farmers three times since March.
And today it warned that profits were likely to be hit in the first quarter of 2012 after a fall in bulk cream prices.
Muller, the UK market leader in potted desserts and chilled yoghurts, was started by yoghurt-loving Ludwig Muller in a small Bavarian village dairy in 1896. His grandson Theo Muller now runs a company that sells its products across Europe.
Shareholders are due to vote on the offer, which is some 60% higher than the company's share price on Thursday, by February 6.
Charles Pick, an analyst at Numis, said it was "a done deal". He added that the price looked fair but the logic behind the deal seemed thin.