Zooplus to be delisted after takeover

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

Financial investors Hellmann & Friedmann from the US and EQT from Sweden are planning to take Munich-based pet supplies shop Zooplus off the stock market. They were able to convince enough shareholders in a takeover bid to now hold 82 percent of the company's capital. All shareholders who have not yet accepted their offer will be offered 480 euros per share, as the Manager Magazine reported. To accept the offer, shareholders have until November 22.

In total, Zooplus is worth 3.7 billion euros to the firms. Before the two investors teamed up, 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 incur transaction costs in the double-digit millions. Now the company expects to post 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 site for pet supplies. In 2020, it had made around 1.8 billion euros in sales. In the second quarter of 2021, sales were now €494 million, up 17 percent from last year. The company has benefited from the Corona pandemic and has seen its share price rise almost 500 percent since the start of 2020.