Kerry Group plc may not acquire the 80 per cent of Golden Vale shares required for an unconditional takeover of Golden Vale by the second closing date today.

Industry sources believe the four working days since last Friday allowed for shareholders who either did not vote or who submitted incomplete forms was insufficient. However, votes are said to be coming in "in a slow drip" and could possibly reach the 80 per cent figure today.

Kerry announced last Friday that it had received 72.4 per cent of the shares by the end of its first deadline. A Kerry spokesman said that quite a number of the votes had been incomplete. This could mean that the forms were not accompanied by share certificates, were filled out incorrectly or without all the necessary information, or had not been witnessed.

The helpline, which was set up at Capita Corporate Registrars, is still operating this week, advising shareholders of the requirements.

But while Kerry has set these two deadlines for itself, the process can continue at least until September 11th, 60 days after its €245 million (£193 million) offer was made.

This would mean that it is farmer shareholders whose votes are crucial. Golden Vale milk suppliers hold roughly 12 per cent of shares while other farmers hold around 20 per cent.

Kerry has offered one of its shares for every 10 Golden Vale shares, 13 cents per share in cash plus interim and special dividends worth another 4.26 cents per share.