A consortium of investors led by European private equity firm PAI Partners SAS has submitted a formal cash offer for Dutch food maker Koninklijke Wessanen, valuing the company at roughly €885 million.
Paris-based PAI first said it intended to acquire the Dutch company in April, and has now received Dutch regulatory approval.
It said its offer, recommended by Wessanen's board, of €11.36 per share for all outstanding shares would run from July 12 to September and was adjusted from €11.50 to reflect a dividend pay out of 0.14 cents earlier this year.
In a statement, Wessanen’s supervisory board and executive board said that they 'support the transaction and recommend that its shareholders accept the offer and vote in favour of the resolutions to be proposed at the extraordinary general meeting of shareholders'.
Wessanen shares closed at €11.32 on Thursday.