The board of Norwegian food group Rieber & Søn has recommended that shareholders do not accept a bid from Rieber family company Zee Ploeg for the remainder of its shares.
On 23 June Zee Ploeg acquired around 4.7m shares in Rieber & Søn for NOK40.50 (US$6.48) per share, which corresponded to the closing price for the share on the day before the acquisition took place.
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The group acquired a consolidated 50.46% shareholding in the company which triggered a mandatory offer to acquire the remaining shares of Rieber & Søn, the firm said today (14 July).
However, the company said it obtained a “fairness opinion” from SEB Enskilada for consideration of the offer.
“It is the conclusion of SEB Enskilda that the offer is less than what may be deemed to be a “fair” value for the shares in Rieber & Søn. SEB Enskilda has based its assessment on methods which are accepted market practice. At the same time, SEB Enskilda points out that the offer represents a possibility for existing shareholders to divest themselves of a share with limited liquidity,” the company noted yesterday.
Acceptance of the bid period runs from 6 July to 3 August
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