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Refresco receives new 1.6 billion euro offer from PAI; shares jump
October 3, 2017 / 7:17 AM / 2 months ago

Refresco receives new 1.6 billion euro offer from PAI; shares jump

AMSTERDAM (Reuters) - Dutch juice bottling company Refresco (RFRG.AS) has received a new 1.6 billion euro ($1.9 billion) buyout offer from French private equity firm PAI Partners.

Refresco said it was considering the offer, which follows a 1.4 billion euro offer from PAI which Refresco rejected in April.

After rejecting the PAI offer, Refresco agreed in July to buy the bottling activities of Canada-based Cott Corp (BCB.TO) for $1.25 billion.

Refresco said PAI’s new offer, which it described as “unsolicited, indicative and conditional” includes the Cott activities acquisition, which is on track to close before the end of 2017, Refresco said.

The PAI offer is to acquire all 81.2 million issued shares in Refresco for 19.75 euros per share.

Refresco shares jumped more than 8 percent in early trading to 18.80 euros, after closing at 17.34 euros on Monday. The share is up 30 percent year to date after rallying on PAI’s April bid.

Refresco said its boards would “carefully review the proposal.”

Refresco, which was founded in 1999 and floated in 2015, makes and bottles fruit juices and soft drinks for retailers and brands in Europe and the United States.

The company employs 5,500 people and has production facilities in the Benelux countries, Finland, France, Germany, Italy, Poland, Britain and the United States.

In 2016, it reported a net profit of 81.5 million euros on revenue of 2.1 billion euros.

Reporting by Toby Sterling; editing by Jason Neely/Keith Weir

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