Nutreco shareholder NN also calls SHV bid too low, SHV keeps buying
NN Groep (Nationale Nederlanden), the Dutch insurer, has also turned against investor SHV's bid for animal feed producer Nutreco, the Dutch daily De Financieele Telegraaf reported. Yesterday, pension fund APG, which holds almost 10% of shares, said it felt the bid was too low.
SHV has offered EUR 40 per share, a premium of 42% in terms of the share price last Friday. But NN sees more long term value. NN Groep has been a shareholder in Nutreco from the start and isn't impressed by the SHV bid, the report said. The bid doesn't adequately reflect the excellent long term prospects and the potential to improve margins, NN told the paper. The group owns 7,5% of Nutreco's capital and has been a shareholder since Nutreco went public in 1997. At the time NN was still a part of ING Groep, and bought the shares for 37 guilders.
SHV wants to take Nutreco off the stock exchange, and needs 95% of the shares to be able to do so. The investment firm expanded its stake to 11% on Tuesday, another report in de Financeele Telegraaf said.
Source De Financieele Telegraaf