Hawesko takeover set to proceed after CEO steps down (updated)
19/01/2015 18:55
* Hawesko CEO to step down on June 30
* To sell his 30 pct stake in group to Detlev Meyer
* Move clears way for Meyer's 40-euro-per-share bid
* Shares slide to 39.80 euros in late Frankfurt trade
(Adds statement by Meyer, share price)
FRANKFURT, Jan 19 (Reuters) - German wine seller Hawesko's
HAWG.DE chief executive Alexander Margaritoff will step down
and sell his 30 percent stake in the group to Detlev Meyer, who
will now be able to complete a takeover of the company.
Meyer, who owns 29.5 percent of Hawesko, had offered Hawesko
shareholders 40 euros per share, valuing the group at close to
360 million euros ($418.3 million). Margaritoff had said this
was too low. ID:nL6N0TO0WY
The son of Hawesko founder Peter Margaritoff sought an
alternative buyer for the group to fend off Meyer but was unable
to seal a deal.
Hawesko said in a statement Margaritoff would step down on
June 30 due to the differing views he and Meyer had on the
company's future strategy.
Meyer said in a statement he welcomed Margaritoff's
decision, adding that he would discuss Hawesko's strategy with
management and the supervisory board, of which he is also a
member, once the takeover was completed.
The offer for Hawesko, which runs shops under the brands
Jacques' Wein-Depot and Wein & Vinos, runs to Jan. 30.
By Jan. 15, shareholders had tendered about 5 percent of
shares in Hawesko, according to a regulatory filing.
Shares in Hawesko fell 4.2 percent to 39.80 euros in late
Frankfurt trade HAWG.F .
($1 = 0.8606 euros)
(Reporting by Maria Sheahan, editing by David Evans and Jane
Merriman)
((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters
Messaging: maria.sheahan.thomsonreuters.com@reuters.net))
Keywords: HAWESKO HOLDING M&A/