Refresco rejects EUR1.4bn takeover proposal from PAI Partners
Dutch softdrinks bottler Refresco has rejected a €1.4bn takeover bid from France-based private equity company, PAI Partners.
Refresco received the proposal from PAI on April 6 to take over the publicly trading company and turn it private.
The news of the proposal was first broken by Bloomberg and the company confirmed it later.
Refresco in its statement said: “The Executive Board and the Supervisory Board (together, the "Boards") of Refresco have, in line with their fiduciary duty, reviewed the proposal, taking into account the interests of all Refresco's stakeholders.”
“Refresco has informed PAI that the proposed terms and conditions did not merit any further investigation and have accordingly rejected the proposal.”
Refresco was established in 1999 and it now has about 5500 employees, working at several of its facilities including the Benelux, Finland, France, Germany, Italy, Poland, Spain, the UK and the US. Last year, the company recorded revenues of €2.1bn and its netprofit stood at €81.5m.
Recently, Refersco along with Döhler, FrieslandCampina Riedel and Verbruggen Juice Trading committed to souring their 100% of their juices through sustainable methods in the next decade.
Financial Times stated that private equity companies in the recent times are more and more interested in identifying and acquiring publicly traded companies and make them private, as there are not enough non-listed companies for sale.
Image: Refresco rejects €1.4bn acquisition bid from PAI Partners. Photo: Courtesy of Refresco Group.