22nd Jun 2015 08:00
LONDON (Alliance News) - Shares in Thorntons PLC soared Monday morning after Italian chocolate maker Ferrero International SA said its subsidiary Ferholding UK Ltd has made a GBP111.9 million recommended offer for the UK chocolate company, at 145 pence per share.
Shares in Thorntons were trading up 42% at 144.00 pence Monday morning.
The owner of Ferrero Rocher chocolates said that on Monday Ferholding acquired the entire holding in Thorntons of AIM-listed Crystal Amber Fund; the entire holdings of former Thorntons Chairman John von Spreckelsen, current Thorntons Chairman Paul Wilkinson, Chief Executive Jonathan Hart along with that of his wife and children; the majority of the holding of Chief Financial Officer Michael Killick; and part of the holding of investment manager Hotchkis & Wiley; plus a further 68,930 shares from an unnamed owner.
Ferholding now owns 30% of Thorntons' issued share capital, Ferrero said, adding that it has received irrevocable undertakings to accept or procure the acceptance of the offer from Hotchkis & Wiley in respect of its remaining 2.9 million shares, as well as for the shares of Chief Operating Officer Barry Bloomer and Non-Executive Directors Diana Houghton and Martin George.
Ferrero said that the offer now constitutes a mandatory cash offer for all of Thorntons.
"Ferrero is offering our shareholders an attractive premium to the average price of Thorntons' shares over the last three months. Although the prospects for Thorntons as an independent company remain strong as the company embarks on the next phase of its strategy, the board of Thorntons also recognises the potential benefits to the brand and the business, including employees and all stakeholders from combining with the Ferrero Group. Ferrero is a successful global confectionery business with a strong family heritage and as such represents a good cultural fit for Thorntons. The board of Thorntons therefore has given its unanimous recommendation for the offer from Ferrero," Thorntons Chairman Paul Wilkinson said in a statement.
"This transactions brings together two highly complementary businesses, but more importantly it unites two companies that share the same passion for growing brands, and a proud heritage, drive and culture built upon their family foundations," Ferrero Chief Executive Giovanni Ferrero said.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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