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Zooplus Supports Revised EUR 480/shr Takeover Offer By Hellman & Friedman In Partnership With EQT

(RTTNews) - zooplus AG, a German online pet platform, Monday said it supports the increased and final takeover offer of Hellman & Friedman or H&F along with its partner EQT Private Equity at a cash consideration of 480 euros per zooplus share.

The revised offer represents an increase of 10 euros compared to the previous bids by H&F and EQT.

The increased cash consideration implies an equity valuation of around 3.7 billion euros.

The Management and Supervisory Boards of zooplus consider the increased offer to be in the best interest of the company and highly attractive to shareholders. Both boards strongly recommend shareholders to accept the takeover offer by Zorro Bidco prior to its expiry on November 3.

The offer is subject to a minimum acceptance threshold of 50 percent plus one share.

The offer represents an 85 percent premium to the unaffected 3-months VWAP of zooplus as of August 12, 2021, the day before H&F announced its voluntary public takeover offer for the company.

The increased offer will be pursued through the takeover offer of "Zorro Bidco", the investment vehicle controlled by H&F. EQT plans to become a jointly controlling partner with equal governance rights in Zorro Bidco following the settlement of the offer and subject to required regulatory approvals.

The company noted that the existing irrevocable tender commitments of approximately 17 percent of zooplus' share capital will remain in place. Zorro Bidco has already obtained all necessary merger control and foreign regulatory clearances.

In case of a successful closing of the offer, all parties intend to delist zooplus post-closing.

The company also said that Pet Bidco GmbH, an investment vehicle of EQT, does not intend to increase or otherwise amend its offer, which is thus expected to lapse.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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