JP Morgan (SEA) on behalf of Sapphire Investments B.V. had made a voluntary unconditional general offer to acquire all the issued ordinary shares in the capital of Singapore Super Group dated back to early 2017.  Sapphire Investments is an indirectly wholly owned subsidiary of JDE (Jacobs Douwe Egberts B.V) had manage to acquire the threshold of 90% issued shares of acceptance level and thus has the right to exercise the clause for take over and had offer a share price of SGD 1.3 to dissenting shareholders which is under compulsory acquisition clause under section of 215 (1) of the Companies Act and Rights under section 215 (3) of the Companies Act to acquire the remaining unacquired shares within 3 months that is by July 26th 2017.

Super Group is financially advised by Evercore Asia in relation to this take over while JDE is being financially advised by JP Morgan (SEA) Limited and in an earlier announcement made by Super Group, the Undertaking Shareholders of Super Group had each provided irrevocable undertakings to the Offeror and in show of good faith, the Offeror had paid a sum of USD 10.63 Million and shall be returned within 3 business days upon the offer become unconditional. JDE is a privately owned company incorporated in Netherlands which has a global tea and coffee business. JDE is an entity in which Acorn Holdings has an indirect 73.12% interest and in turn, is an indirectly controlled subsidiary of JAB Holding Company s.a.r.l, a privately held company incorporated in Luxembourg, controlled by the Reimann family.

The intention is to delist Super Group for greater control and the offer is at 34% premium of the last traded share price for existing shareholders and as the Offeror has existing coffee business in PR. China, Hong Kong, Taiwan and Macau, there is a plan in mind to transfer the coffee-related business to relevant jurisdiction as it only represents less than 5% of revenues.

EditorBeverageConsumerFMCGCoffee,Reimann,Singapore,Super GroupJP Morgan (SEA) on behalf of Sapphire Investments B.V. had made a voluntary unconditional general offer to acquire all the issued ordinary shares in the capital of Singapore Super Group dated back to early 2017.  Sapphire Investments is an indirectly wholly owned subsidiary of JDE (Jacobs Douwe Egberts B.V)...