Hotel Chocolat has agreed to a £534m takeover provide from Mars, the maker of products from Snickers bars to Pedigree pet food.
The UK specialist chocolatier retailer mentioned the money provide represented a 170% premium to its London share value of 139p.
Shares soared by 164% on the market open in response.
Mars has proposed to pay 375p for every Hotel Chocolat share beneath the phrases.
As another, buyers can elect to safe a share within the bid firm for every Hotel Chocolat share they already personal.
The board has really useful the deal.
The firm, which has a 20-year historical past however simply seven as a London-listed agency, mentioned it will permit its model to increase, notably internationally.
Hotel Chocolat, so-named as a result of its lodge on a cacao property in Saint Lucia, at present has 130 shops and a partnership in Japan however lacks the substantial funds wanted to make an enormous push abroad.
Chief government and joint founder Angus Thirwell, who will stick with the enterprise beneath the phrases of the cope with Mars, mentioned: “We know our model resonates with shoppers abroad, however operational provide chain challenges have held us again.
“By partnering with Mars, we can grow our international presence much more quickly.”
He and co-founder Peter Harris each personal 27% of the fairness, in keeping with LSEG information.
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Source: information.sky.com”