Zooplus to be delisted after takeover

Hellmann & Friedmann and EQT were able to convince enough shareholders to acquire 82 percent of the company's share capital.

The financial investors Hellmann & Friedmann from the USA and EQT from Sweden are planning to delist the Munich-based pet supplies store Zooplus from the stock exchange. As part of a takeover bid, they were able to convince enough shareholders to hold 82 percent of the company's capital. All shareholders who have not yet accepted their offer will be offered 480 euros per share, according to the Manager Magazine reports. Shareholders have until November 22 to accept the offer.

Zooplus is worth a total of 3.7 billion euros to the companies. Before the two investors joined forces, they had been competing for the takeover opportunity. At the same time, Zooplus had to lower its forecasts a few days ago: the takeover bid would result in transaction costs in the double-digit millions. The company now expects to generate an operating profit of 20 to 35 million euros this year. The original forecast was between 40 and 80 million euros.

Zooplus CEO Cornelius Patt had been hoping for a takeover for a long time - and had gone looking for investors himself. His company was founded back in 1999 and is considered Europe's top-selling online pet supplies website. In 2020, it generated sales of around 1.8 billion euros. In the second quarter of 2021, turnover was now 494 million euros, 17% higher than last year. The company has benefited from the coronavirus pandemic and has seen its share price rise by almost 500% since the start of 2020.