![Flybird Holding’s tender offer for Musti is expected to be completed by March](https://globalpetindustry.com/wp-content/cache/thumb/14/d294967dfb40714_960x540.png)
Flybird Holding decided to waive the minimum acceptance condition, the minimum level of acceptance of an offer below which the offeror may decline to proceed.
A company spokesperson says this is the last step before finalizing the tender offer for Musti according to the terms and conditions.
On 25 January 2024, Flybird Holding increased its offer price to €26.10 ($28.21) in cash per share for the Nordic pet retailer from an earlier offer of €26 ($28.11).
For those Musti shareholders who have not yet accepted the tender offer, with the possibility to accept it at its final offer price of €26.10 ($28.11) in cash per share, the consortium has also decided to extend the so-called subsequent offer period from 21 February to 6 March.
Based on the final result of the tender offer, the 11,607,737 shares validly tendered represent approximately 34.77% of all the shares and voting rights. This, together with the 2,846,029 shares otherwise acquired or held by the consortium, represents roughly 42.99% of all the shares and voting rights in the company on a fully diluted basis.
An opportunity
Portugal-based Sonae, which owns businesses across different sectors, put in a tender earlier in December to acquire Musti Group for €868 million ($943.6M).
Board Member and CEO of Sonae, Cláudia Azevedo, says she is thrilled at the opportunity to add Musti to the consortium’s portfolio. “We remain confident that the consortium is the ideal owner to enable the company to further expand and focus on meeting the evolving needs of Musti’s client base,” she adds.
Flybird Holding is owned by a consortium comprising Sonae Holdings, a subsidiary of the Portuguese multinational group Sonae, and Jeffrey David, Johan Dettel and David Rönnberg from Musti.
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