Ferrero has announced the launch of a takeover bid on Thorntons chocolate company in the United Kingdom. The operation values the British group at 111,9 million pounds, equal to approximately 157,6 million euros. The offer will be entirely cash at a price of 145 pence per share and will allow Ferrero to expand its presence on the UK market.
Thorntons closed its last financial year on 28 June 2014 with £222,4 million in turnover and an operating profit of £8,6 million. The group now has 242 shops and cafes in the UK and Ireland as well as 158 franchised outlets and employs 3.500 people. In presenting the transaction, the director of the Italian group, Giovanni Ferrero, underlined in a note that 'in 2014 we achieved our best result ever in Great Britain and this gave us confidence that the time was right to expand our roots in this important market”.
“This operation – he continues – brings together two highly complementary companies, but more importantly, it brings together two companies that share the same passion for growing brands” and, last but not least, the family tradition from which they both come even if Thorntons then chose listing in 1988.
Ferrero has already reached an agreement to acquire 34,36% of the capital and has received a favorable opinion on the operation from the board of the British group. The objective of the takeover bid is to delist the company. The stock is currently trading in London up 41,9% to 144 pence, thus approaching the tender offer price.
