The Margin is always interested in how the army of PR spin doctors mobilises when there is a crisis in the corporate world. Kerry's audacious raid on Golden Vale is no exception.

Kerry has in-house PR but Golden Vale has, for some time, retained the services of Murray Consultants, led by that old warrior Jim Milton.

It was with some amusement that the Margin received a fax - timed 15 minutes after the start of the Golden Vale annual general meeting on Wednesday - with Golden Vale chairman Mr Pat McKenna saying that "much progress was made in furthering the strategic direction of the group during 2000".

Referring to the Kerry Group offer, he said it was "inadequate" and failed to recognise the underlying value or the potential of the group.

The only problem was the meeting hadn't even started, because a group of farmers were protesting outside the venue in Limerick. In fact, the meeting was delayed by a full hour.