(Reuters) -Zooplus, one of Europe\u2019s largest online pet supplies\u2019 retailers, said on Friday it had received and accepted a 3 billion euro ($3.5 billion) takeover offer from U.S. private equity firm Hellman & Friedman.<\/p>\n
The offer represented a premium of 40% to the German company\u2019s closing price on Thursday and was for a cash consideration of 390 euros per Zooplus share.<\/p>\n
Zooplus shares surged 40% after news of the offer to 390 euros as of 0810 GMT, an all-time high.<\/p>\n
The company, which has benefited from rising online demand for pet supplies during the pandemic, said in a statement that both its management and supervisory boards welcomed the takeover offer and intended to recommend it to shareholders.<\/p>\n
\u201cIn our view, the offer provides Zooplus\u2019 shareholders with a favourable opportunity,\u201d Jefferies analysts said in a note.<\/p>\n
Zooplus said it aimed to benefit from a market driven by increasing pet ownership, more demand for premium pet supplies, and a continued shift to online retail, expecting pet e-commerce to become mainstream in the coming years.<\/p>\n
\u201cThe fast-evolving European pet market will provide significant opportunities for players, who master the continued shift towards online,\u201d Chief Executive Cornelius Patt said.<\/p>\n
Hellman & Friedman has already acquired several stakes in German companies in the past, including Axel Springer and AutoScout24.<\/p>\n
Zooplus said Hellman & Friedman had signed irrevocable tender commitments for around 17% of Zooplus\u2019 share capital.<\/p>\n
In case of a successful closing of the offer, Hellman & Friedman intends to delist Zooplus, the company said.<\/p>\n
($1 = 0.8521 euros)<\/p>\n