Animal feed group Nutreco has rejected takeover advances made by Cargill and investment house Permira, who had offered at least €43.20 per share for the company, the Dutch firm said on Monday.

Nutreco would prefer to be taken over by SHV Holdings, which has now increased its offer to €44.50, the two companies said in a statement. SHV, a private group held by the Fentener van Vlissingen family, had earlier offered €40 a share.

‘Nutreco, together with its advisers, has concluded that Cargill’s intention of breaking up the Nutreco business is fundamentally inconsistent with Nutreco’s long-term growth strategy for the business as a whole,’ Nutreco said in the statement.

Nutreco and SHV in October reached a deal on the original offer which valued Nutreco at €2.7bn.

According to the Financieele Dagblad, the revised offer does not mean the deal has now been finalised. Nutreco’s share price rose 15% in Amsterdam on Monday, an indication that some shareholders think there is more to be gained, the paper said.