Greenyard subject of takeover offer by Deprez family founders

The Deprez household founders of Belgium effect and rootlike radical Greenyard are launching a takeover bid for the Brussels-listed business.

Hein Deprez and his household presently clasp 37.7% of the shares successful Greenyard and are seeking to get an further 57.73% from the company’s shareholders astatine €7.40 ($8.43) each – the intended connection – done astir 29.74 cardinal shares.

A caller holding institution has been acceptable up for the process, Garden based successful Luxembourg, and which volition location the existing shares of the Deprez household and those purchased done the offer.

As of Greenyard’s 11 April connection of the offer, the Deprez household volition beryllium the “sole shareholder” of Garden.

They volition beryllium supported successful their intent by Solum Partners, an concern manager for the nutrient and agriculture manufacture headquartered successful Massachusetts.

Solum volition supply financing for the stock offer, if successful, and volition go a “co-controlling shareholder” of Garden station transaction with the Deprez family.

“The Deprez household and Solum, done the intended offer, question to enactment Greenyard to execute its strategical priorities by enhancing the stableness of its superior basal done private, semipermanent capital,” according to the statement.

The stock connection has been approved by Greenyard’s board, which “unanimously supports and recommends the intended offer”, taxable to closing conditions and regulatory approvals.

On the information of an acceptance threshold of 95% of the Greenyard shares – the 57.73% bid and the Deprez household holding of 37.7% - Garden volition past workout a alleged "squeeze-out" for the remainder of the business.

Koen Hoffman, the president of Greenyard’s board, said: “Subject to our thorough valuation of the prospectus to beryllium filed and the study of the autarkic expert, the committee of directors has assessed the connection and unanimously decided to enactment it.

“We, arsenic the committee of directors, judge that the connection is successful the involvement of some the institution and its stakeholders.”

Mr Deprez founded what was past Univeg successful 1987 earlier the institution became Greenyard. In 2015 a merger betwixt Greenyard, Univeg and agribusiness Peatinvest emerged, with Hein Deprez owning shares successful each of those businesses earlier the woody was completed.

Under erstwhile notifications, Greenyard is seeking to scope €5.4bn successful yearly income by March 2026, on with an adjusted EBITDA people of €200-210m.

In the archetypal fractional of the company’s existent fiscal year, income climbed 6.1% to €2.6bn, led by pricing of 2.4%, oregon what Greenyard termed arsenic “inflation compensating measures”. Volumes roseate 2.9%.