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UPDATE: DP Eurasia says "take no action" as sizing up Jubilant bid

Tue, 28th Nov 2023 17:21

(Alliance News) - DP Eurasia NV on Tuesday told shareholders to take no action after the pizza chain master franchisee received an unsolicited takeover bid.

DP Eurasia received a takeover tilt from Jubilant FoodWorks Ltd. Jubilant, which already owns around 49% of the Domino's Pizza franchisee in Turkey, Azerbaijan and Georgia, looks to buy the remainder of the firm's shares at 85 pence each. It would value all of DP Eurasia at GBP124.6 million, and the slice of the company Jubilant does not own at around GBP63.7 million.

DP Eurasia said: "The offer is both unsolicited and unexpected. For the time being, shareholders are advised to take no action. The board is in the process of considering the offer with its advisers and a further statement will be made in due course."

The offer price represents a premium of 24% to the group's closing share price on Monday of 68.5p per share.

DP Eurasia shares rose 22% to 83.75p each on Tuesday.

Earlier on Tuesday, DP Eurasia reported that in the 10 months to October 31, group system sales for continuing operations grew 38% to TRY6.20 billion, or GBP169.8 million, from TRY4.50 billion for the corresponding 10 months a year ago.

"This has been another excellent period for the group, and we look forward to a strong end to the financial year," it added.

By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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