A consortium of funds managed or advised by PAI Partners is in talks with Koninklijke Wessanen NV to buy all issued and outstanding shares of the Amsterdam-based organic food company for €11.50 apiece cum dividend in cash.
The pan-European private equity firm is also joined by entities indirectly controlled by Wessanen shareholder Charlie Jobson and/or his family members in the potential deal.
The submitted bid represents a 23.7% premium to Wessanen's preceding-day closing price as of March 5 and a 30.7% premium to its 30-day volume-weighted average price.
Under the transaction, Jobson, who currently holds an approximate 25.74% stake in Wessanen, will roll over about 80% of his stake in the company.
The parties are under a due diligence process and are exploring the terms of a merger protocol. It is not definite whether a deal will result.
The consortium initially expressed its interest to acquire Wessanen in February. However, the company's supervisory and executive boards decided not to pursue discussions with the buyers based on the proposed terms.
Lazard and Allen & Overy are acting as financial adviser and legal adviser to Wessanen, respectively.