Portugal's Sonae launches $952 mln takeover of Finnish pet care retailer Musti
29/11/2023 11:16
LISBON, Nov 29 (Reuters) - A consortium led by Sonae
YSO.LS , which owns Portuguese largest food retailer, on
Wednesday launched a tender offer on all the shares in Finnish
pet care retailer Musti MUSTI.HE , in a deal valuing it at 868
million euros ($952 million).
Sonae offered 26 euros per share in cash, which represents a
premium of 27% on Musti's closing price on Tuesday and 40% on
the volume-weighted average trading price in the last six
months, it said in a statement.
Sonae said the acquisition is part of its "strategy to grow
and internationalize its retail portfolio" by adding exposure to
a rapidly growing and resilient retail segment lifted by owners'
eagerness to spend ever more on "parenting" their pets.
Musti is the leading pet care retailer in the Nordic
countries, Sonae said. It runs a network that includes 340
stores and an e-commerce business.
Its core Nordic markets - Finland, Sweden and Norway - "have
a solid macroeconomic context characterized by households' high
disposable income when compared to European average, and a
positive growth outlook in the pet retail segment".
Soane said that it had bought Musti shares in recent months
and already had a minority stake before the offer, though it did
not disclose its size.
Sonae shares were down 0.5% in morning trading on the
Euronext Lisbon market, while Musti shares were up almost 29% at
26.36 euros on Nasdaq Helsinki bourse, slightly exceeding the
price offered.
Sonae leads the consortium of investors that also includes
Musti's chairman Jeffrey David, its chief executive David
Rönnberg and board member Johan Dettel. The Portuguese company
did not disclose the weight of Musti's executives in the
consortium.
($1 = 0.9113 euros)
(Reporting by Sergio Goncalves; editing by Inti Landauro and
David Evans)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))