SHV Raises Bid for Nutreco as Investors NN, APG to Tender SharesFred Pals
SHV Holdings raised its bid for Nutreco NV by 1.7 percent and got the backing of shareholders NN Group NV and APG Asset Management, a month after Cargill Inc. pulled out of the chase to acquire the Dutch animal-feed supplier.
SHV increased its offer to 45.25 euros per Nutreco share from 44.50 euros a share, representing a 60 percent premium to the closing price of Oct. 17, the Utrecht, Netherlands-based investment company said in a statement today. The bid is valued at 3.04 billion euros ($3.4 billion), SHV said.
Takeovers and mergers in the animal-nutrition sector are being driven by rising global demand for protein as farmers contend with limited resources of land and water.
APG holds about 9.79 percent of Nutreco and NN about 7.52 percent of Amersfoort, Netherlands-based Nutreco, SHV said. SHV’s stake in Nutreco amounts to 27.7 percent.