Investment vehicle Garden secures over 53 per cent of outstanding shares, bringing total ownership to just below 95 per cent required to take fresh produce multinational private
Hein Deprez’ bid to regain full ownership of Belgian multinational Greenyard and take the company private has taken another important step forward, after his specially created investment vehicle Garden convinced shareholders to sell it more than half the shares in the group which it doesn’t currently own.
Garden made those shareholders a cash offer of €7.40 per share, on the condition that that they accepted the proposal by a 14 July deadline.
Those who have not yet taken up the offer now have a second opportunity to tender their own shares, during a new so-called acceptance period that runs from 24 July until 13 August.
According to Greenyard, the multinational fresh and frozen produce company that Deprez himself originally founded, more than 27.7mn shares in Greenyard were put up for sale at the proposed price, representing 53.82 per cent of the outstanding shares.
Prior to the current takeover bid, the Deprez family held around 42 per cent of shares in the company.
This means, by the 4 August payment deadline, Garden will own just under 47.2mn shares, or 91.61 per cent of those outstanding, while its total shareholding rises to 94.71 per cent when including so-called treasury stock held by Greenyard itself.
So Deprez has succeeded in taking control of the company, but by less than a percentage point has not yet reached the threshold required for a fully privatised buyout.
Backed by Solum Partners, which is understood to have provided financial assistance and will become a co-controlling shareholder if the deal goes through, Garden aims to secure a total of at least 95 per cent of Greenyard shares.
At that point, the majority owners would be entitled to force any remaining shares to be sold, and Deprez would be free to delist Greenyard from the Euronext Brussels exchange.