Nesse backs monster offer

The Executive Board and the Supervisory Board of Nutreco fully support and unanimously recommend SHV's offer to all shareholders for acceptance.

Knut Nesse explained: "From the very beginning when SHV approached us, we have ensured a process to maximize value for our shareholders while safeguarding the interests of all stakeholders involved. SHV fully supports Nutreco in executing the existing ‘driving sustainable growth’ strategy, including geographical expansion. The complete package of the SHV offer is compelling to the shareholders, employees and other stakeholders of Nutreco. The offer represents an attractive price, implies an above average EV/EBITDA multiple of 10.6 and provides high deal certainty for shareholders. Nutreco's Executive Board and Supervisory Board both fully support and unanimously recommend it for acceptance by our shareholders."

SHV, a privately owned company with a true long-term focus and commitment, has pledged to financially support Nutreco with investment needs for capital expenditures and acquisitions in accordance with Nutreco's long-term growth strategy.

In the interest of Nutreco's stakeholders, Nutreco and SHV have agreed on certain important Non-Financial Covenants, including no break up of Nutreco, headquarters remaining in the Netherlands, no redundancies and employee rights being respected.

Stephan Nanninga, Chairman of the Executive Board of SHV, said: "We are very pleased with the launch of the recommended public offer to acquire Nutreco, a true global leader in fish feed and animal nutrition. We consider Nutreco a very promising and exciting company with a good long-term growth opportunity, solid management and company values similar to SHV. Besides offering an attractive premium of 58% to Nutreco's shareholders, we truly believe our offer is in the best interest of all Nutreco's stakeholders. SHV will fully support Nutreco's growth strategy as a group and drive investment, innovation and sustainability for the benefit of its customers and employees in the Netherlands and internationally alike. As part of this SHV has given a firm commitment to keep Nutreco as a separate group with headquarters, central management and key support functions in the Netherlands and maintain Nutreco's corporate identity, values and culture. We look forward to working with Nutreco's management and employees to continue feeding the future."