SINGAPORE — Dutch tea and coffee company Jacobs Douwe Egberts has offered to buy Singapore instant food maker Super Group in a S$1.45 billion all-cash deal.
Jacobs Douwe Egberts, which is closely held, is offering S$1.30 per Super share, representing a 34 per cent premium over the last traded price on Oct 31, according to a stock exchange filing by the Singapore company on Thursday (Nov 3).
Super Group said shareholders representing around 60 per cent of its total share capital have undertaken to tender all of their shares in acceptance of the general offer. The instant beverage maker’s shareholders include Singapore food and beverage maker Yeo Hiap Seng, which has a 12 per cent stake.
In a separate filing to Singapore Exchange, Yeo Hiap Seng said it would realise a gain of around S$138.4 million from the sale of its shares in Super Group.
According to data from Euromonitor, Super Group has about 1.6 per cent of global instant-coffee market share, tiny compared to Nestle’s 41.9 per cent.
Trading in Super Group shares, suspended since Oct 31, will resume Thursday. BLOOMBERG
