A twist in the takeover battle for Zooplus
The two rival bidders H&F and EQT have teamed up for an cash offer valuing the ecommerce giant at €3.7 billion ($4.3 billion).
Reuters reports that on Monday, Zooplus said its management and supervisory boards strongly recommended shareholders accept the sweetened offer from Hellman & Friedman and EQT Private Equity.
The new bid values Zooplus at 480 euros per share, which is 10 euros more than previous separate offers made by the bidders.
Zooplus said shareholders should accept the offer before it expires on Nov. 3, after which Hellman & Friedman and EQT plan to delist the company if the bid is successful.
“With this offer by H&F in partnership with EQT, our shareholders now have the clarity and ability to take an informed tender decision and realize a remarkable 85 percent premium,” said Zooplus chief Cornelius Patt.