What’s Cooking families launch 148 euros-per-share bid to take the company private after turbulent years.
The Coopman and Van der Pluym families, through their investment vehicle Malaga Investment, have launched a 148 euros-per-share takeover bid for What’s Cooking, valuing the Belgian ready-meal producer at a 22.3 percent premium over its February 25 closing price.
The bid, announced after trading in What’s Cooking shares was suspended Thursday, already secures 68 percent ownership, backed by key shareholders including Wallonie Entreprendre, Alychlo (Marc Coucke’s fund), and former CEO Dirk Goeminne’s family, who collectively hold nearly 7 percent.
The move aims to delist What’s Cooking, ending its 38-year run on Euronext Brussels and returning control to its founding families.
"We want to be masters in our own kitchen again", said CEO Piet Sanders, referencing the 88 million euros offer for the remaining 31.95 percent of shares. The shift follows years of volatility, including a blocked 2021 acquisition of Imperial Meat Products by Belgian antitrust regulators and a 2023 sale of its charcuterie division to German fund Aurelius for 100 million euros.
Since refocusing on ready meals – including its Come a Casa lasagnes – What’s Cooking expanded into plant-based products and acquired French peer Sveltic. Sanders sees global growth potential, but believes private ownership (like rival Greenyard’s 2022 delisting) will provide greater flexibility to execute long-term strategy without market pressure.
The bid underscores a trend of family-owned firms reclaiming control from public markets. With major shareholders already on board, the deal is poised to succeed – pending regulatory approval – and could mark the start of a new chapter for the Ostend-based food group.
