Gilde-Led Group of Buyers Declares Ten Cate Bid Unconditionalby
Announces post-acceptance period through to February 9
Declaring bid unconditional ends 6-month battle over Ten Cate
The consortium of buyers, which also includes Parcom Capital and ABN Amro Participaties, will try to persuade more shareholders to tender their shares in a post-acceptance period through end Feb. 9, the group said in a statement on Tuesday. About 86 percent of shareholders accepted the consortium’s increasedoffer of 26 euros per share for the company, it said last week.
The buyers faced scrutiny from shareholders who said the original offer of 24.60 euros a share was too low and didn’t represent Ten Cate’s growth potential. Investors including Kempen Oranje Participaties and Aat van Herk, which together represent a stake of more than 8 percent, opposed the original deal. Van Herk decided to tender his shares at the increased price, he announced last week, while Kempen still opted out of tendering the shares as the increased offer didn’t represent a higher valuation for the company.
Ten Cate shares closed at 25.98 euros in Amsterdam on Tuesday, valuing the company at 713 million euros.