MINNEAPOLIS, MINNESOTA, U.S. — Cargill plans to pursue Nutreco on its own, hoping to outbid SHV, which recently increased its offer for the Dutch feed company, according to several media reports.

Cargill initially said it would make a joint offer with Permira, a private equity house, and would split Nutreco’s animal and fish feed divisions into two separate companies. Following SHV’s increased bid for Nutreco, as well as support for the offer from Nutreco’s executive and supervisory boards on Dec. 5, Cargill said it would not break up the company and it would bid alone, according to news reports.

However, as of Dec. 15, Cargill had not placed a concrete offer. A Cargill spokesperson told media outlets that the company has told Nutreco that it is interested in pursuing the acquisition of the company.

SHV has offered €44.50 per share, a premium of 58% of the closing price on Oct. 17. The offer amounts to €3.1 billion.

The SHV offer is subject to satisfaction or waiver of the offer conditions as set out in the offer memorandum, including a 95% acceptance condition which the offeror can waive to 66 2/3% without the approval of the boards.

The offer period begins on Dec. 10 and closes on Feb. 17, 2015, unless it is extended.