New York’s EQT eyes $4 billion takeover of Munich pet food retailer Zooplus AG



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New York’s EQT eyes $4 billion takeover of Munich pet food retailer Zooplus AG

Zooplus AG, the world’s largest online retailer for pet foods headquartered in Munich, Germany, said in a statement on Saturday that a Stockholm-headquartered Swedish private equity firm, EQT AB, had approached the pet retailer with a €3.36 billion ($3.94 billion) takeover deal, as a takeover battle over Zooplus seemingly had ratcheted up with US-based private equity Hellman & Friedman ramping up its initial buyout bid.

In point of fact, latest statement from the Munich-based e-commerce platform came forth just days after US-based private equity firm Hellman & Friedman had raised its buyout offer for Zooplus to €3.29 billion from an initial €3 billion.

Nevertheless, another heavyweight US private equity firm, KKR & Co Inc., cancelled out a potential acquisition offer for the online pet retailer earlier this month after Hellman and Freidman had raised its buyout bid.

Zooplus AG receives $4bn takeover bid from private equity firm EQT

Concomitantly, Zooplus AG executives had been quoted saying in a statement that EQT’s latest €470 per share takeover bid would represent a roughly 69 per cent premium of the German pet food retailer’s last closing on August 12, a day before Hellman & Freidman had approached Zooplus AG for the first time.

Founded back in the 1994s in New York City, EQT had emerged as a global leader in investing, developing and acquiring a swathe of businesses across wide-ranging sectors and business models. More interestingly, Zooplus AG executives also had added that management and supervisory board of Munich-headquartered online pet retailer, which had been largely benefitted from a soaring demand of online pet food supplies over pandemic-led restrictions, had welcomed the takeover bid from EQT, submissively instigating Hellman & Friedman to lift up its earlier takeover bid.