The US KKR fund announced this Friday a takeover bid for all Telepizza shares at a price of six euros per share. The CNMV suspended on Thursday the price of the food chain before the end of the trading session while awaiting the communication of relevant information, which was communicated this Friday. At that time, the company's shares were rising to 7.45%, up to 4.83 euros. On his return to the market past noon this Friday, the stock has shot up more than 20%, until it hits the price of six euros set by the fund for its offer.
The offer is addressed to all shareholders and will only be available for the Spanish market, the only one in which Telepizza shares are listed. KKR will request authorization from the CNMV for the takeover before January 21, 2019, depending on the relevant fact available at the CNMV. The KKR fund will disburse a total of 431,698,902 euros in this operation, according to the information sent to the CNMV. One of the requirements of the OPA is to obtain at least 90% of the Telepizza shares. The objective of KKR is to get hold of most of the group to get it out of the stock market. This announcement comes only two days after the closing of the strategic alliance agreed with the Pizza Hut group.
The KKR fund was founded in 1976. It is an investment firm led by Henry Kravis and George Roberts that manages 170.2 million euros in assets. This fund was already one of the largest shareholders of Telepizza, with 26.3% of the capital, well ahead of the second, Santander Asset Managment, which has a 5.26%. To complete this Telepizza bid, the KKR fund will be supported by investment companies linked to Torreal Sociedad de Capital Riesgo, J. Safra Group and Artá Capital. These funds will indirectly invest in Telepizza through Luxco, a newly constituted company, a subsidiary of KCA.