Company News

Massimo Zanetti's top investor launches bid to delist Italian coffee maker

MILAN, Sept 29 (Reuters) - The top investor of Massimo Zanetti Beverage group said on Tuesday it would launch a takeover bid for the Italian coffee maker to delist the group as it wants to pursue a broader overhaul of the company.

Massimo Zanetti Beverage group - owner of the Segafredo, Chock full o’Nuts, Puccino’s and Boncafe brands - debuted on the Milan stock exchange in 2015 in an initial public offering that set a price of 11.60 euros per share.

MZB holding company, which controls a 68% stake in the coffee maker, said it would offer 5 euros apiece to buy all the group’s ordinary shares. Massimo Zanetti stock closed on Tuesday at 3.84 euros on the Milan bourse. (Reporting by Elvira Pollina; Editing by Alison Williams)