FAMILY-run Dutch investment company SHV yesterday increased its offer for compatriot animal feed and nutrition firm Nutreco to €43.20 a share.
The move comes in response to an expression of interest from US-based trading house Cargill and European private equity firm Permira.
Nutreco said that its board was unanimously backing SHV’s bid as the offer from Cargill and Permira would involve breaking up the company. The deal would see Cargill take on Nutreco’s fish feed business and Permira acquire its animal nutrition offering.
SHV originally made an offer of €40 a share for Nutreco in late October, which valued the firm at €2.7bn (£2.1bn). The new offer values it at almost €3bn and is superior to an indicative offer of €43.20 per share in cash from Cargill.
Nutreco has approximately 100 production facilities in over 30 countries, and eight research centres.