German wine seller Hawesko seeks white knight bidder (updated)
04/12/2014 08:36
* Hawesko management rejects takeover offer by Detlev Meyer
* Says Meyer's 40 eur/shr offer lacks big enough premium
* Says is in talks with several interested parties
* Says uncertain whether talks will result in new offer
(Recasts, adds CFO comment, details)
FRANKFURT, Dec 4 (Reuters) - German wine seller Hawesko's
HAWG.DE management is seeking an alternative buyer for the
group after rejecting a takeover offer from shareholder Detlev
Meyer as too low.
"Management is holding talks, some of which are intensive,
with some interested parties," Hawesko's management said in a
statement published on the company's website on Thursday, adding
talks were at an early stage.
Meyer, who owns 29.5 percent of Hawesko shares, has offered
shareholders of the group 40 euros per share, valuing the group
at close to 360 million euros ($443 million).
But Hawesko's management said the bid did not offer a
sufficient premium -- especially considering the bidder's plans
to cut the group's divided payout ratio to 40-50 percent of
earnings from up to 95 percent -- and recommended that
shareholders reject the offer.
"It is an obvious attempt to take control of the company on
the cheap, at the lowest financial outlay possible," finance
chief Ulrich Zimmermann said.
Management also criticised Meyer's plan to seek a change in
leadership at Hawesko as a "clear affront" to Chief Executive
Alexander Margaritoff, the son of Hawesko founder Peter
Margaritoff and a major shareholder with 30 percent of stock.
Shares in Hawesko, which operates Jacques' Wein-Depot shops
and the Wein & Vinos mail-order service, have climbed about 8
percent so far this year and last traded at 41.275 euros.
Meyer's takeover offer runs through Dec. 22.
($1 = 0.8127 euro)
(Reporting by Maria Sheahan; Editing by Kenneth Maxwell and
Mark Potter)
((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters
Messaging: maria.sheahan.thomsonreuters.com@reuters.net))
Keywords: HAWESKO HOLDING M&A/MEYER