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Hot stock: Super sizzles on S$1.45b takeover offer by Dutch group
SHARES of Super Group skyrocketed more than 28 per cent on news that Dutch coffee company Jacobs Douwe Egberts BV has offered S$1.45 billion to buy the Singapore-listed beverage group.
After hitting S$1.250 a share, Super was trading around S$1.245, up S$0.275, or 28.351 per cent, by 04:09pm. Almost 40 million shares changed hands,
Early Thursday, Super said Jacobs Douwe Egberts would launch a voluntary conditional general offer for the company at S$1.30 a share. The offer is at a premium of 34 percent to Super's share price on October 31, before trading in its shares was halted.
Super said shareholders who hold about 60 percent of its total issued share capital have made an irrevocable pledge to accept the offer. These include Yeo Hiap Seng, which has a stake of about 11.7 percent in Super. It would tender its shares and expects to realize a gain of about S$138.35 million.
The takeover offer is conditional on the offeror receiving more than 50 percent of voting rights and regulatory approval, being met by May 3, 2017.