Dutch company Jacobs Douwe Egberts (JDE) has offered to buy Malaysian coffee company OldTown Berhad for RM1.47 billion ( S$487 million) as the private company looks to further expand its global coffee empire.
JDE, a global coffee and tea business operator, has offered RM3.18 per share for the operator of the OldTown White Coffee chain, which has 232 outlets, mostly in Malaysia, the companies said on Monday (Dec 11).
Owners of 51.45 per cent of OldTown’s shares have agreed to tender them in acceptance of the offer, which represents a premium of 10.42 per cent to their last trading price on Thursday, they said.
OldTown’s shares were suspended on Friday pending the announcement.
JDE, with brands including Jacobs, Tassimo, Douwe Egberts and Kenco, is part of JAB Holding, which has built up a global coffee business through a string of deals over the past few years.
This would be its second deal in Asia this year, following its acquisition of Singapore-based Super Group.
OldTown was advised by Evercore.
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