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Zooplus pet store receives new € 3.6 billion purchase offer

2021-09-26T16:04:08.974Z

This is a new twist in the battle of investors around the buyout of the online pet store. Animal products online store Zooplus announced on Saturday that investment fund EQT in turn intends to launch a takeover bid, backed by management, valuing the company at 3.6 billion euros, 300 million more than the existing competing offer. In a press release, the management, which had previously been in favor of the takeover by Hellman & Friedman (H&F), now says " welcome " the alternative propo



Animal products online store Zooplus announced on Saturday that investment fund EQT in turn intends to launch a takeover bid, backed by management, valuing the company at 3.6 billion euros, 300 million more than the existing competing offer.

In a press release, the management, which had previously been in favor of the takeover by Hellman & Friedman (H&F), now says "

welcome

" the alternative proposal and announces that it has signed an "

investment agreement

" with EQT.

This is a new twist in the battle of investors around the Zooplus, founded in 1999 and present in 30 European countries.

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In detail, EQT offers 470 euros per share, 10 more than the previous offer of H & F, already increased after two competitors have expressed their interest.

Things had yet started consensually: on August 13, H&F had announced the signing of an "

investment agreement

" with Zooplus, whose governing bodies at the time supported the takeover bid at 390 euros per share.

Turnover up 18%

But things got more complicated with the confirmation, Thursday September 2 and Tuesday September 7, of two competing offers.

The KKR fund has since put an end to negotiations, while H&F had released its claws in mid-September and offered 460 euros.

EQT has the financial strength and strategic expertise to support Zooplus,

” the company said in a

press

release today.

If the takeover bid is successful, subject to an acceptance rate of 50%, the acquirer intends to “

withdraw at a given time

” Zooplus from the Stock Exchange.

Read alsoHow the animal cause is invited in the race for the Élysée

Based in Munich (southern Germany), the online pet store claims 8 million customers in 2020. Boosted by the coronavirus pandemic, and the restrictions imposed on traditional businesses, Zooplus saw its turnover jump by 18 %, to 1.8 billion euros in 2020.

Source: lefigaro

All business articles on 2021-09-26

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