Pre-conditions in takeover of Super Group met by Sapphire Investments

SAPPHIRE Investments BV, an indirectly wholly owned subsidiary of Dutch coffee and tea firm Jacobs Douwe Egberts (JDE), has obtained the approval of the Chinese and Philippine authorities with regard to its takeover bid of Super Group.

In a filing to Singapore Exchange on Monday, Super Group said all of the pre-conditions have been satisfied and Sapphire "wishes to announce its firm intention to make the offer".

In November, JDE offered S$1.30 in cash for each Super share, with the aim of delisting and privatising the firm.