RZ-100-wt4-E-flipbook-240702 - Flipbook - Page 88
As the relationship with parent company BP
After this meeting, the triumvirate decides that
deteriorates, Land- en Tuinbouw Coöperatie
having a strong party as a partner (Cebeco) gives
Cebeco-handelsraad also signs up (just two
them the best chance of bringing the takeover
days before the official bid deadline on 24 May
issue to a successful conclusion. The collaboration
1989) as a potential partner of Rijk Zwaan and
also increases the chance of a positive outcome
voices its support for the management buyout.
in the bidding process. A contract is drawn up in
Cebeco is one of the companies on the original
‘no time’ between the triumvirate and Cebeco
list of candidates that Rijk Zwaan backed, but it
in case the bid made by Anton, Ben and Maarten
had dropped out in the first round because its
succeeds. In this contract and the associated
indicative bid was too low.
shareholders’ agreement, it is set out how control
will be regulated, how the dividend policy will look
The Rotterdam-based company is interested in
and how a possible exit arrangement will look if
Rijk Zwaan because it has discovered that there
either shareholder wants to sell the shares again.
is an ever-increasing degree of concentration
in the vegetable breeding industry with large
The three families are also expected to make
listed groups acquiring majority stakes in smaller
private financial contributions. The cooperation and
seed companies. Some of cooperation Cebeco-
support of Riekie van Doornmalen, Lieneke Tax
members believe it is important to own, albeit
and Marianne Zwaan is therefore very important.
indirectly, a supplier of seeds themselves.
‘Rijk Zwaan Sold’
However, so close to the deadline Rijk Zwaan has
Meanwhile, BP continues to negotiate with the
already completed the financing arrangements
other candidates. One by one, they voice their
with another party and doesn’t initially agree with
opinions on the future of the Westland company
the entry of yet another party. Cebeco insists,
during a meeting with Rijk Zwaan, which doesn’t
asking the triumvirate for just one hour of their
exactly make the Rijk Zwaan Board feel more
time to hear the offer. They agree. In that hour, it
optimistic. For example, one of the prospective
is immediately apparent that both parties are on
buyers uses the meeting to inquire about the
the same wavelength with regard to the future
possibilities and costs of laying off employees.
of Rijk Zwaan. Moreover, Cebeco has prepared its
financing well and it includes sufficient guarantees
During the negotiations, the Board itself consults
for the financing so that a higher bid can be made.
continuously with the management team and
The cooperative also offers Rijk Zwaan enough
the works council, where the latter has a duty of
security to guarantee independence.
confidentiality until the matter is concluded.
The company’s in-house newsletter, the ‘Rijk Zwaan
Post’, reports the following: ‘A remarkable and
commendable openness by the Board in many
respects, and with a very capable adviser, made
it easier for us to form an opinion and make
decisions.’ In the same issue, the Board describes
the role of the works council as follows: ‘We are
happy to be supported by an excellent management team and the directors of the subsidiaries.
Furthermore, we would like to reiterate that
we have an excellent works council that does
a fantastic job of representing the interests of
employees.’
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Rijk Zwaan | Moving forward together
