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DUTCH coffee and tea firm Jacobs Douwe Egberts (JDE) is planning to acquire Super Group in a deal valuing Super at S$1.45 billion, with the aim of delisting and privatising the firm.
JDE is offering S$1.30 in cash for each Super share, representing a 62.5 per cent premium over the closing price on Oct 4, the last full trading day prior to an exchange query on Super's trading activity.
Shareholders including Teo Kee Bock, popiah king Goi Seng Hui and his firm Tee Yih Jia Food Manufacturing have provided irrevocable undertakings to JDE to accept the offer, with the total shares amounting to 60 per cent of Super.
Said Super founder and managing director David Teo Kee Bock: "We are proud that JDE, the leading pure-play consumer packaged goods coffee company in the world, recognises the strength, depth and breadth of the company that we have so laboriously worked to build over the past 29 years. As the company enters its 30th year, we are pleased that Super will be part of the JDE Group as we continue to build on the legacy we have established."
The offer is contingent on all the pre-conditions being satisfied or waived by JDE before or on May 3 next year.