Amsterdam-listed company Koninklijke Wessanen (Wessanen) is in talks over a takeover bid by a consortium of funds managed or advised by PAI Partners SAS.
Last month, the Dutch natural food producer received an initial expression of interest from a consortium of funds managed/advised by PAI Partners and entities controlled by investor Charlie Jobson, who holds an almost 26% interest in Wessanen.
Wessanen’s supervisory and executive boards rejected the initial offer in February and have now received a proposal of €11.50 per share.
According to the firm, this significant increase warrants “engaging with the Consortium to explore the feasibility and merits of the Potential Transaction.”
Both parties are looking at terms of a merger protocol.
It was also said that there is no guarantee that the talks will result in a deal.
The revised offer price of €11.50 per share will be fully paid in cash and includes certain non-financial terms.
Since 2009, Jobson has been a shareholder of Wessanen. He has informed Wessanen that he would roll over around 80% of his shareholding in Wessanen in the potential transaction.
PAI is a pan European private equity firm, managing and advising buyout funds with a combined equity value of more than €12bn.
Lazard is serving as financial adviser and Allen & Overy as legal counsel to Wessanen.
