SHV makes $3.4b offer Nutreco

SHV Holdings of the Netherlands on Monday announced that it offered EUR 2.7 billion (USD 3.4 billion) in cash to acquire Dutch fish feed producer Nutreco. Under the conditional agreement, SHV would pay EUR 40 (USD 51.10) in cash for each ordinary share of Nutreco.

The offer price represents a premium of 42 percent to the closing price of Friday 17 October 2014 and a premium of 34 percent to the average closing price for the three months prior to and including that date.

“SHV fully supports the sustainable growth strategy of Nutreco as a whole. We are excited about this new step in the rich history of our company,” said Knut Nesse, CEO of Nutreco. “SHV will be an excellent partner, enabling us to maintain our corporate identity, culture, values and organization. This offer is in the best interests of all our stakeholders, including our shareholders.”

“We consider Nutreco a very promising and exciting company with a good long-term growth opportunity, solid management and company values similar to SHV,” added Stephan Nanninga, chairman of the executive board of SHV. “Nutreco is a true global leader in fish feed and animal nutrition, and we fully support Nutreco's strategy for the future and its focus on innovation and sustainability. Nutreco has a good fit with SHV and our desired mix of activities and geographies and we believe both parties will benefit from this transaction. SHV will fully support Nutreco's growth strategy."

No job losses are expected as a result of the agreement; all existing rights and benefits, including existing pension rights, will be respected. ING Bank N.V. issued a fairness opinion to the executive board and the supervisory board and Leonardo & Co. issued a fairness opinion to the supervisory board; both stated that the offer is fair to the shareholders of Nutreco from a financial point of view.


Want seafood news sent to your inbox?

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500