Bel: share buyback tender offer
30 September 2021 - 6:00PM
Bel: share buyback tender offer
Bel adjusts its capital allocation and
funding strategy and decides not to file
a draft public share buyback
tender offer (“OPRA”)
Suresnes, 30 September 2021
Since Bel’s 19 March 2021 announcement of its
intention to file a public share buyback tender offer (“OPRA”) at
€440 per share, the Group has successfully pursued its
transformation strategy including progress on its plan to sell
Leerdammer1. Implementation of said strategy also resulted in an
acceleration of its investments in promising market segments and
geographies notably through the exercise of its call option on a
17.56% equity stake in MOM Group and pursuing R&D investment in
order to cement the Group’s leadership in healthy snacking,
primarily by building its offering on the three complementary
market segments - dairy, fruit and plant-based.
Bel has furthermore been informed of Unibel’s
decision to increase the price of its draft public buy-out tender
offer followed by a squeeze-out (“OPR-RO”) at €550 per Bel share.
Said price represents a 45.5% premium over the 17 March 20212
closing share price, 58.4% over the volume-weighted average share
price during the 60 days prior to 17 March 2021 (included) and 25%
over the €440 price announced on 19 March 2021.
In a context of acceleration of investment
efforts combined with a difficult economic and geopolitical
situation in the Middle East and North Africa since first half
2021, Bel Group has decided to adjust its strategy and not to file
the OPRA.
About Bel
The Bel Group is a world leader in branded
cheese and a major player in the healthy snack market. Its
portfolio of differentiated and internationally recognized brands
include such products as The Laughing Cow®, Kiri®, Mini Babybel®,
Boursin®, Pom’Potes®, and GoGo squeeZ®, as well as some 20 local
brands. Together, these brands helped the Group generate sales of
€3.46 billion in 2020.
12,510 employees in some 40 subsidiaries around
the world contribute to rolling out the Group's mission to champion
healthier and responsible food for everyone. Bel products are made
at 33 production sites and distributed in nearly 120 countries.
Media Relations
Havas Paris - Sarah
Duparcsarah.duparc@havas.com - 01.58.47.82.06 / 06.46.72.39.99
1 Transfer by
Sicopa, a wholly-owned Bel subsidiary, of a business comprising
Royal Bel Leerdammer NL, Bel Italia, Bel Deutschland, the brand
Leerdammer and all related rights, plus Bel Shostka Ukraine in
return for 1,591,472 Bel shares (23.16% equity stake) held by
Lactalis.
2 The day before the
announcement of Bel and Lactalis Group entering into exclusive
talks to sell a business comprising Royal Bel Lambda NL, Bel
Italia, Bel Deutschland, the brand Leerdammer and all related
rights, plus Bel Shostka Ukraine.
- Bel_Press Release_Public share buyback tender
offer_30092021_US
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