DP Eurasia NV - master franchisee for Domino's Pizza Group PLC in Turkey, Azerbaijan and Georgia - Says it is "extremely disappointed" that now-majority shareholder Jubilant Foodworks Netherlands BV made a takeover offer for the company without trying to reach agreement with the board first. Following share purchases made this week, Jubilant holds a 53.5% stake in DP Eurasia. Under company rules, Jubilant would have had to make a mandatory offer for the rest of the company on the day it exceeded a 50% holding, but DP Eurasia notes that Jubilant made its offer of 85 pence per share on Tuesday, when it only had a 48.8% stake. The offer values all of DP Eurasia at GBP124.6 million.
DP Eurasia advises shareholders to take no action on the offer from Jubilant, saying it is "determined to protect the interests of the company's minority shareholders". Board promises to outline its position in an update early next week.
Current stock price: 85.00p, unchanged on Friday in London
12-month change: up from 41.45p
By Tom Waite, Alliance News editor
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