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Orkla Offers To Buy Kotipizza For €146m

Published on Nov 22 2018 10:09 AM in A-Brands tagged: Trending Posts / Norway / Orkla / Kotipizza Group

Orkla Offers To Buy Kotipizza For €146m

Norwegian consumer goods retailer Orkla has offered to buy the owner of Finland's largest chain for pizza restaurants, Kotipizza Group, for €146.1 million($166.63 million), the two companies said on Thursday.

The offer equivalent to €23 per share represents a premium of 38% to the last closing of Kotipizza Group's shares.

'Strategic Ambition'

About a third of Kotipizza's shareholders, including the chief executive officer, chief financial officer, Axxion S.A., DNCA Invest Archer Mid-Cap Europe, DNCA Invest Norden Europe, and Elo Mutual Pension Insurance Company, have already consented to the offer, which is also unanimously recommended by the board, Kotipizza Group said.

"The acquisition of Kotipizza Group is in line with our strategic ambition to increase our presence in channels with faster growth than traditional grocery, and we see a good match between the two companies," Orkla CEO, Peter A. Ruzicka, said.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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