Domino's franchisee in Turkey answers Jubilant's acquisition bid
Jubilant recently acquired a 53.52% stake in DP Eurasia N.V.
DP Eurasia N.V. called Jubilant FoodWorks Limited's proposal to acquire the company as 'unsolicited and opportunistic'.
The statement comes after Jubilant increased its stake in DP Eurasia to 53.52%.
Last week, Jubilant, through a stock exchange filing, proposed to acquire the entire issued and outstanding ordinary share capital of DP Eurasia at a market value of up to 85 pence per.
In answer DP Eurasia’s board said that they are extremely disappointed that Jubilant decided to proceed in this unsolicited and opportunistic way and without first seeking to reach an agreement on terms which the board would be able to endorse as being in the best interests of all stakeholders.
Full statement by DP Eurasia below:
Further to its announcement of 1 December 2023, the board of DP Eurasia, excluding Directors conflicted by virtue of their being representatives of Jubilant Foodworks Netherlands B.V. ("Jubilant") (the "Board"), provides the following update in respect of Jubilant's announcement of 28 November 2023 that it intends to make an offer at an offer price of 85 pence per DP Eurasia ordinary share (the "Jubilant Proposal").
Having worked openly and constructively with Jubilant, the Board remains extremely disappointed that Jubilant decided to proceed in this unsolicited and opportunistic way and without first seeking to reach an agreement on terms which the Board would be able to endorse as being in the best interests of all stakeholders.
The Board has evaluated the Jubilant Proposal with its advisors and believes the financial terms fundamentally undervalue the Company and its prospects.
The Board has received feedback from a significant proportion of the Company's shareholders, indicating that they are also overwhelmingly of the opinion that the Jubilant Proposal fundamentally undervalues the Company.
The Board is determined to protect the interests of the Company's minority shareholders and other stakeholders.
The Board continues to advise shareholders to take no action.