The Dutch association of shareholders (VEB) thinks the offer made by Dick Wessels of Ã¢âÂ¬ 21,- per share of Volker Wessels Stevin (VWS) is too low. The offer, made on March 13, should, considering profits and shareprices over the last few years, have been more in the range of Ã¢âÂ¬ 27,- to Ã¢âÂ¬ 40,- per share. Even if it were based on the intrinsic value of the shares, the price should have been Ã¢âÂ¬ 24,50, according to the VEB.
The VEB does not understand why the board and commissars of the company have agreed to the offer. According to the VEB the offer ´seems to have been driven by the attractive low shareprice and conditions of the offer. The takeover does not offer any real synergy-advantages and the financial position of VWS is stronger than that of competitors BAM Group and Heijman´s´.