AlsterResearch Update: zooplus - Courtship dance goes on
The bidding war for zooplus continues even though the management and the supervisory board have repeatedly and almost noiselessly have expressed their favour for Hellmann & Friedman (H&F).
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What’s it all about?
The bidding war for zooplus continues even though the management and the supervisory board have repeatedly and almost noiselessly have expressed their favour for Hellmann & Friedman (H&F). H&F's offer now stands at EUR 470 per share after the increase of EUR 10 per share. H&F had issued a starting offer of EUR 390 per share and later increased it to EUR 460 per share when EQT and KKR entered the courtship dance for the attractive zooplus. Competitor EQT had raised to EUR 470 shortly afterwards. We now no longer expect much higher bid jumps to follow. But the bidding war is not over yet. Based on the latest offer, we raise our price target to EUR 470.00 and still recommend accepting the offered price. Remains a SELL.