LONDON, UK: Jubilant Foodworks Netherlands B.V., a wholly owned subsidiary of Jubilant Foodworks Limited, has expressed intention to purchase up to 24.97 million ordinary shares of DP Eurasia N.V. at a price of 95 pence per share via a reverse bookbuild (RBB).
The purchaser’s direct subsidiary, Fides Food Systems Coöperatief U.A., currently owns 47.697 million ordinary shares of DP Eurasia, representing approximately 32.81 per cent of DP Eurasia’s issued share capital.
On completion of the reverse bookbuild, Jubilant Foodworks will hold up to 49.99% of the issued share capital of the DP Eurasia.
The Offer Price of 95 pence per ordinary share represents a premium of approximately 23.4 per cent to the closing share price of 77 pence per ordinary share on 29 September 2021; and 25.2 per cent to the volume weighted average price of 75.9 pence per ordinary share over the 3 months to 29 September 2021.
Jubilant Foodworks believes that the RBB represents both a significant premium to the above share price metrics, as well as offering a significant liquidity event to shareholders entitled to participate in the RBB. Jubilant Foodworks does not intend to make any further acquisitions of DP Eurasia ordinary shares by way of a public offer to all shareholders for the whole of the Company for at least six months following the completion of the RBB.
Peel Hunt LLP is acting as financial adviser and sole bookrunner for the RBB on behalf of the purchaser.
The opportunity to participate in the RBB will be made available to certain professional investors. The books for the RBB will be opened immediately following this announcement. The final number of ordinary shares to be purchased will be agreed at the close of the RBB process at the sole discretion of the Purchaser and Peel Hunt, and the results of the RBB will be announced as soon as practicable thereafter. To the extent that the RBB is oversubscribed above the 49.99% limit, applications will be scaled back (whether on a pro rata basis or otherwise) at the sole discretion of the Purchaser and Peel Hunt.
Jubilant Foodworks is India’s largest foodservice company operating across India, Sri Lanka, Bangladesh and Nepal with the master franchise rights for Domino’s Pizza, Dunkin’ Donuts and Popeyes.
It has been a partner of Domino’s Pizza in India for more than 25 years. Jubilant Foodworks completed its indirect acquisition of 32.81 per cent of DP Eurasia in March 2021 in order to add value to DP Eurasia’s business and create value for its shareholders.