A deal made between retail concern Ahold and the investment firm CVC which is buying its majority stake in the Schuitema chain has been kept secret from investors, reports the NRC Handelsblad website on Thursday afternoon.

Under the agreement made in June, Ahold has the option to take over 36 stores in the Schuitema chain if the latter decides to merge with another retailer in the coming three years, according to the NRC. This information has not been made available to Schuitema’s minority shareholders, says the NRC.
Ahold sold its 73% stake in Schuitema to CVC for €185m, around 57 shops and property. Ahold, which owns the Albert Heign supermarkets, will also get preferential shares in Schuitema which operates 440 C1000 supermarkets, says the NRC. This gives it the right to veto important strategic decisions made by its new competitor.
CVC has offered the Schuitema’s minority shareholders a bid of €20.11 per share.
Shareholders’ lobby group VEB is to take the offer to court claiming it is too low, reports the NRC.