Buitengewone Algemene Vergadering 2015 Amersfoort, 9 februari 2015
Disclaimer ●
The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise acquire, or any solicitation of any offer to purchase or subscribe for, securities including in the United States, Australia, Canada or Japan.
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The information contained herein is not for publication or distribution into the United States, Australia, Canada or Japan. Neither this announcement nor any copy of it may be taken or distributed or published, directly or indirectly, in the United States, Australia, Canada or Japan.
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The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities for sale into the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or an exemption from registration. The securities of the company described herein have not been and will not be so registered. There will be no public offer of securities in the United States, Australia, Canada or Japan.
Version 9 februari 2015 – 10.00hrs
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Agenda 1. Opening en mededelingen
2. Toelichting op het aanbevolen openbare bod
3. Agendapunten ter besluitvorming
4. Aanvullende agendapunten
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Agendapunt 1: Opening en mededelingen 1.1: Opening 1.2: Mededelingen
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Agenda 1. Opening en mededelingen
2. Toelichting op het aanbevolen openbare bod
3. Agendapunten ter besluitvorming
4. Aanvullende agendapunten
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SHV offer for Nutreco
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Attractive offer • Full cash offer by SHV of € 45.25 per share (cum dividend) • Attractive premium of 60% to closing price of 17 Oct. (last trading day before first offer) • Values 100% of the ordinary shares1 at € 3,038 million • Implied LTM EV/EBITDA multiple of 10.8x as per 30 Sep. 2014 • SHV supports Nutreco’s growth strategy
• Offer in best interests of all stakeholders • Acceptance threshold: at least 66⅔% of outstanding ordinary shares • Deal certainty as SHV finances the transaction with cash from own available resources • Full support and unanimous recommendation from Supervisory and Executive Board 1. Based on number of outstanding shares as per 20 October 2014
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The Offer price • Full cash offer consisting of € 45.25 per share, representing: • 60% premium over Nutreco's closing price on 17 October 2014 • 29% to 60% premium based on selected historical average share price levels and median broker target price; 15% premium to all-time high 60% €50 €40 €30 €20 €10 €0
51%
45%
39%
15%
29% Offer: €45.25
28.21
29.93
31.18
32.64
39.19
35.00
17-Oct-14
3-month avg. price
6-month avg. price
12-month avg. price
All-time high 1
Median broker TP 2
1. Since IPO in June 1997; 2. Sourced from Bloomberg as of the Reference Date. Included equity research analyst price targets for the Shares issued after Nutreco’s H1 results on 24 July 2014 and up to and including the Reference Date. Research analysts considered comprise ABN AMRO, Alpha Value, Berenberg, Equita SIM, Goldman Sachs, ING, KBC, Kempen & Co, Petercam, Rabobank, SNS Reaal, and Theodoor Gilissen. 8
Key non-financial details • SHV supports the execution of Nutreco's business strategy, including planned capital expenditures and mergers & acquisitions • Nutreco will remain prudently financed
• Head office and key support functions to be maintained in the Netherlands • Nutreco will retain its corporate identity, values and culture
• SHV will respect existing employee rights • The Supervisory Board will include two independent members
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In the best interests of all stakeholders • Transaction provides shareholders with attractive premium of 60% • SHV supports our long-term growth strategy enabling Nutreco to expand • SHV will comply with existing commitments to employees, clients and suppliers • Commitment to continue developing innovative nutritional solutions for customers on platforms such as feed efficiency, life start and preventive animal health • SHV endorses the three core elements of Nutreco’s success: strategy execution, innovation and competence of its people
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Process to date 19 October 2014: September 2014: Leonardo & Co. and Nutreco received letter ING Bank NV issued of interest from SHV fairness opinions
2 November 2014: Expression of interest from Cargill
Transaction Committee 20 October 2014: (Executive and SHV and Nutreco Supervisory Board announced a members) extensively recommended cash assessed the intended offer of € 40 per share offer, including all for all shares of potential alternatives Nutreco
8 November 2014: Expression of interest from Cargill and Permira
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Expression of interest by Cargill • Cargill first expressed an interest on 2 November 2014, but at the same time also stated not yet to be sufficiently advanced to provide a clear proposal • Between 2 November and 10 December we had several conversations with Cargill • Cargill reiterated its interest (this time together with Permira) to pursue a cash offer for Nutreco on 8 November 2014
• Cargill required due diligence first to come to a non-binding offer and only referred to a potential price of at least € 43.20 • Subsequently SHV raised its offer price to € 44.50 on 9 November 2014 • On 22 December Cargill announced it would no longer pursue an interest in Nutreco 12
Process to date 19 October 2014: September 2014: Leonardo & Co. and Nutreco received letter ING Bank NV issued of interest from SHV fairness opinions
2 November 2014: Expression of interest from Cargill
Transaction Committee 20 October 2014: (Executive and SHV and Nutreco Supervisory Board announced a members) extensively recommended cash assessed the intended offer of € 40 per share offer, including all for all shares of potential alternatives Nutreco
9 November 2014: SHV increased its recommended cash offer to € 44.50 per Nutreco share
8 November 2014: Expression of interest from Cargill and Permira
10 December 2014: Start of Tender Period
5 December 2014: Launch of Recommended cash offer by SHV for all outstanding ordinary Nutreco shares
30 January 2015: SHV increased its recommended cash offer to € 45.25 per Nutreco share
22 December 2014: Withdrawal of Cargill
9 February 2015: EGM
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SHV considerations • SHV values Nutreco as a very promising and exciting company with good long-term growth opportunities, solid management and similar company values • Nutreco is the true global leader in fish feed and animal nutrition • SHV fully supports Nutreco’s strategy and its focus on innovation and sustainability • SHV considers Nutreco as a great opportunity to further broaden its presence within the food and agriculture industries • Nutreco has a good fit with SHV given their desired mix of activities and geographies • Its long-term investment approach and track record of supporting portfolio companies' international growth make SHV an attractive partner for our next phase 14
Support for the offer • Full support and unanimous recommendation from Supervisory Board and Executive Board • ING Bank N.V. issued a fairness opinion to the Executive and Supervisory Boards and Leonardo & Co. provided a fairness opinion to the Supervisory Board • Members of the Executive Board have entered into irrevocable undertakings to tender their shares • Positive stance from Works Council • Relevant regulatory clearance for the offer mostly received, good progress made in obtaining clearance for Bosnia Herzegovina, China and Ukraine • Irrevocable share tender commitments received from significant shareholders APG and Nationale Nederlanden (respectively holding 9.79% and 7.52% of issued share capital) 15
Nutreco going forward • Current Nutreco strategy fully supported by SHV and hence unchanged • Continuation of existing commitments to clients and suppliers • Commitment to continue developing innovative nutritional solutions • Continue international expansion, including anticipated capital expenditures and mergers and acquisitions
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Process going forward
9 February: EGM
Unconditional Date: No later than 3 business days after the Closing Date
Closing Date at 17 February: Close of tender period at 17.40h CET
Settlement Date: No later than 5 business days after the Closing Date
Post-Closing Acceptance Period: Two weeks from Unconditional Date
Settlement of tenders in the Post-Closing Acceptance Period: No later than 5 business days after the end of the Post-Closing Acceptance Period
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Our mission
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Total shareholders return since IPO in 1997 AEX
Nutreco (€)
1,200
50
TSR of 885% at a price of €45.25/share1
1,000
40
800 30
600 20 400 10
200
0 1997
1998
1999
2000
2001
1. As per 30 January 2015
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0 2014 2015 19
Agenda 1. Opening en mededelingen
2. Toelichting op het aanbevolen openbare bod
3. Agendapunten ter besluitvorming
4. Aanvullende agendapunten
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Agendapunt 3: Completion bonus voor de Raad van Bestuur • Completion bonus voor de Raad van Bestuur • Ter besluitvorming – zie toelichting
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Agendapunt 4: Voorwaardelijke wijziging van de statuten • Voorwaardelijke wijziging van de statuten van Nutreco, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt en machtiging voor het passeren van de akte tot wijziging van de Statuten • Ter besluitvorming – zie toelichting
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Agendapunt 5: Voorwaardelijke decharge • Voorwaardelijke decharge, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer J.M. de Jong, de heer A. Puri en mevrouw H.W.P.M.A. Verhagen voor hun toezicht tot deze BAVA • Ter besluitvorming – zie toelichting
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Agendapunt 6: Voorwaardelijke wijziging samenstelling Raad van Commissarissen • 6.1: Voorwaardelijk aftreden, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer J.M. de Jong, de heer A. Puri en mevrouw H.W.P.M.A. Verhagen als lid van de Raad van Commissarissen • Ter informatie – zie toelichting
• 6.2: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer S.R. Nanninga als lid van de Raad van Commissarissen • Ter besluitvorming – zie toelichting 24
Agendapunt 6: Voorwaardelijke wijziging samenstelling Raad van Commissarissen • 6.3: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer B.L.J.M. Beerkens als lid van de Raad van Commissarissen • Ter besluitvorming – zie toelichting
• 6.4: Voorwaardelijke benoeming, per de Dag van Overdracht op de voorwaarde dat Overdracht plaatsvindt, van de heer W. van der Woerd als lid van de Raad van Commissarissen • Ter besluitvorming – zie toelichting 25
Agenda 1. Opening en mededelingen
2. Toelichting op het aanbevolen openbare bod
3. Agendapunten ter besluitvorming
4. Aanvullende agendapunten
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Agendapunt 7: Rondvraag
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Agendapunt 8: Sluiting
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Dank u wel
