Dairy firm Clover Industries’ JSE-listed shares rose by 21% on Monday morning after it announced that it had entered into an implementation agreement with Milco South Africa (SA), which intends to make an offer to acquire all of Clover’s issued shares. Milco SA is a new company formed by a consortium of international investors, black-controlled Brimstone Investment Corporation and the management of Clover and is offering Clover shareholders a cash consideration of R25 a share, valuing the company at R4.8-billion.