(Bloomberg) — Hellman & Friedman and EQT AB managed to get enough Zooplus AG shareholders to accept their 3.7 billion euro ($4.3 billion) offer for the German online pet-food retailer, paving the way for the joint bid to go through.
Investors holding more than 50% of Zooplus said they would tender in favor of the deal, the companies said Thursday. The offer was conditional on half of the company’s stock plus one share accepting before a Nov. 3 deadline.
The private equity companies had joined forces on a 480 euro-per-share bid. The final result of the increased offer after the initial acceptance period will be published on Nov. 8.
The bid was 85% higher than the average share price in the three months before the first interest emerged in August. Several rounds of bidding between the firms pushed up the price. KKR & Co. had also expressed interest.
The pet-care market has boomed in the last two years as stay-at-home workers adopt furry friends, according to figures from Euromonitor. The data firm predicts 7% growth in the global pet-care market through 2026 as online transactions boost sales.
Hellman & Friedman, led by Patrick Healy, raised one of the biggest-ever buyout funds with $24.4 billion in July. Alternative asset manager EQT has become one of the most active European private-equity houses working on some of the biggest buyouts on the continent in recent years, including Nestle Skin Health.
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