Fish feed. (Photo: Nutreco)

SHV increases its offer for Nutreco again

NETHERLANDS
Tuesday, February 03, 2015, 03:30 (GMT + 9)

Last Friday, SHV Holdings again raised its offer for Nutreco NV, while holdout shareholders APG and NN Group agreed to tender their shares under the new offer.

Now, SHV offers to pay EUR 45.25 (USD 51) in cash for each outstanding share of Nutreco, valuing the company at EUR 3.18 billion (USD 3.60 billion).

In October 2014, Nutreco’s board backed SHV’s first offer of EUR 40 per share. Conversely, Nutreco declined a rival bid of EUR 43.20 from Cargill and the private equity firm Permira Advisers LLP, arguing that it would lead to a business breakup.

During the bidding process, some small shareholders had complained that the offer (roughly 40 percent premium to its share price without discomfort) was not a fair value for Nutreco, the Financial Times reported.

Therefore, SHV raised its offer to EUR 44.50 in December and Cargill group backed out from the bidding. However, APG and NN Group, which together own 17.3 percent of the shares, decided to seek a better deal.

SHV intends to pay the full price of the improved offer with cash from its own available resources, not entering into any financing arrangements with third parties with regard to the offer, stated the company in a press release.

SHV and its affiliates or brokers hold a total of 19,470,145 shares, which represent 27.72 per cent of the issued share capital of Nutreco and 29.00 per cent of the issued and outstanding share capital of Nutreco.

The group stressed that it considers its current (indirect) shareholding in the capital of Nutreco to be a strategic investment with a long-term perspective.

Related article:

- Cargill abandons battle to acquire Nutreco
- Cargill-SVH’s bid battle for Nutreco strengthens 
- Nutreco backs SHV’s offer for its shares

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