Liberum acts as Sole Financial Adviser and Corporate Broker to DP Eurasia on the £161.2m recommended offer by Jubilant Foodworks
We are pleased to announce that Liberum has acted as Sole Financial Adviser and Corporate Broker to DP Eurasia N.V. (“DP Eurasia” or the “Company”), the master franchisee of the Domino's Pizza brand in Turkey, Azerbaijan and Georgia, on the £161.2m recommended offer by Jubilant Foodworks Netherlands B.V. ("Jubilant Foodworks") (a wholly owned subsidiary of Jubilant FoodWorks Limited).
Jubilant Foodworks has today announced an increased and final offer for DP Eurasia at an offer price of 110 pence per DP Eurasia share.
The recommended offer follows on from Jubilant Foodworks’ original unsolicited and hostile offer of 85 pence per DP Eurasia share, launched on 28 November 2023, which, following advice from Liberum, the board of DP Eurasia unanimously rejected on the grounds that it fundamentally undervalued the Company and its prospects.
The increased and final offer represents a 25 pence increase over the original offer price of 85 pence DP Eurasia share so increasing by c. £37 million the valuation of DP Eurasia, of which c.£17 million is attributable to the minority shareholders to whom the offer was made.
The recommended offer price of 110 pence per DP Eurasia share represents a:
- c.61% premium to DP Eurasia’s closing share price of 68.5 pence per DP Eurasia share on 27 November 2023, being the day immediately prior to Jubilant Foodworks’ original offer; and
- an increase of c.30 per cent over the original offer price of 85 pence per DP Eurasia share.
The increased and final offer price reflects the determination of DP Eurasia’s board to protect the interests of DP Eurasia’s minority shareholders and other stakeholders to deliver a value for the minority shareholders that better reflected the fair value of the Company.
Liberum acted as Sole Financial Adviser and Corporate Broker on the transaction, having been Corporate Broker to DP Eurasia since February 2018.
Corporate Broking – Andrew Godber, Ed Thomas, Will King
M&A – Tim Medak, Mark Harrison, Matt Hogg