Maspex Romania launches takeover bid for Purcari Wineries

Business Forum
Maspex Romania has submitted documentation to the Romanian Financial Supervisory Authority (ASF) for a voluntary takeover bid of a majority stake in Purcari Wineries.

Maspex, already a minority shareholder in Purcari, reached commercial agreements with other key shareholders, including Amboselt Universal and Victor Bostan, the Founder of Purcari. 

As part of these agreements, Bostan will partially monetize his investment by selling approximately 5% of Purcari's share capital at a price of RON 21 per share. This sale will occur within the voluntary takeover bid launched by Maspex, which will offer equal terms to all Purcari shareholders.

In addition, Bostan will retain an indirect participation of approximately 15% in Purcari's share capital through Amboselt Universal until the end of 2027. This remaining stake is subject to a lock-up agreement and a put/call option exercisable in the first six months of 2028, at a pre-agreed strike price equal to the takeover bid price plus an annual interest of 12% compounded annually.

The agreement between Maspex and the Founder is contingent on the current key management team remaining with Purcari.

Maspex, part of the Polish Maspex Group, a leading food and beverage company in CEE, has been active for over 35 years and operates 18 production plants globally. 

In 2024, the Maspex Group's sales exceeded €3.7 billion. The launch of the takeover bid is subject to approval from the ASF.

Shares in Purcari closed at RON 17.64, up almost 25% in intra-day trading on the BVB on Wednesday.

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