Zooplus recommends shareholders accept delisting tender offer

Zooplus recommends shareholders accept delisting tender offer

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BERLIN, Dec 1 (Reuters)German online pet supplies retailer Zooplus ZO1G.DE recommended on Wednesday that its remaining shareholders accept the delisting tender offer by Hellman & Friedman (H&F) and EQT for 480 euros ($542.59) per share.

Nearly 90% of Zooplus shareholders have already sold their shares to H&F’s vehicle company Zorro Bidco, and others can still tender their shares until Jan. 12, 2022, Zooplus’ management and supervisory boards said in a joint statement.

Zooplus has repeatedly recommended more shareholders accept the offer from H&F and EQT, which initially fought a bidding war but then teamed up to buy the retailer.

“We fully acknowledge the advantages of operating as a private company,” Zooplus’ Chief Executive Cornelius Patt said.

“We have the clear ambition to use our pole position in the European pet space to win the category in the long run. This, however, requires a clear focus on substantial investments into growth instead of short- and mid-term earnings,” he said.

The delisting will become effective once the acceptance period for the all-cash tender offer expires on Jan. 12, 2022, according to the joint statement.

($1 = 0.8846 euros)

(Reporting by Zuzanna Szymanska, Editing by Miranda Murray and Louise Heavens)

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