Zooplus, which is one of Europe’s largest online pet supply retailers, said on Friday it had accepted a takeover offer from U.S. private equity firm Hellman & Friedman.photoguns/iStockPhoto / Getty Images
Zooplus, one of Europe’s largest online pet supplies’ retailers, said on Friday it had received and accepted a €3-billion ($3.5-billion) takeover offer from U.S. private equity firm Hellman & Friedman.
The offer represented a premium of 40 per cent to the German company’s closing price on Thursday and was for a cash consideration of €390 per Zooplus share.
Zooplus shares surged 40 per cent after news of the offer to €390 as of 0810 GMT, an all-time high.
The company, which has benefited from rising online demand for pet supplies during the pandemic, said in a statement that both its management and supervisory boards welcomed the takeover offer and intended to recommend it to shareholders.
“In our view, the offer provides Zooplus’ shareholders with a favourable opportunity,” Jefferies analysts said in a note.
Zooplus said it aimed to benefit from a market driven by increasing pet ownership, more demand for premium pet supplies, and a continued shift to online retail, expecting pet e-commerce to become mainstream in the coming years.
“The fast-evolving European pet market will provide significant opportunities for players, who master the continued shift towards online,” Chief Executive Cornelius Patt said.
Hellman & Friedman has already acquired several stakes in German companies in the past, including Axel Springer and AutoScout24.
Zooplus said Hellman & Friedman had signed irrevocable tender commitments for around 17 per cent of Zooplus’ share capital.
In case of a successful closing of the offer, Hellman & Friedman intends to delist Zooplus, the company said.
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