A solution is emerging for the acquisition of online retailer Zooplus. Hellman & Friedman (H&F) and EQT, the two parties interested in the deal up to now, have formed a partnership. They have now presented the shareholders with an improved takeover bid of 480 euros per share, an increase of ten euros over the previous bid. The new offer implies an equity valuation for Zooplus of around 3.7 bn euros.
The submission period expires at midnight on 3 November. The consent of 50 per cent of shareholders plus one share is required. The existing pre-emption rights of around 17 per cent of the Zooplus share capital remain unchanged.
Zooplus has already intimated acceptance of the improved final offer from H&F with EQT as partner. If a majority of the shareholders should agree, which is to be assumed, EQT would become a jointly controlling partner with the same governance rights (rights with regard to management of the company - editor's note) in a parent company of Zorro Bidco. Zooplus would then be taken out of the stock exchange on completion of the transaction.
