West Country firm Dairy Crest, maker of Cathedral City cheddar and Country Life butter, is set to be bought by a Canadian company.
Saputo has valued Dairy Crest at around £975m, saying it was an "attractive platform" for UK growth.
Dairy Crest produces cheese at its creamery in Davidstow, near Camelford, where it employs around 200 people and spends around £150m a year buying 500 million litres of milk sourced from 330 dairy farmers across the region.
Saputo said Dairy Crest would continue to manufacture its products from its existing UK sites.
Dairy Crest's board has unanimously recommended that shareholders accept the offer.