In a dramatic turn of events, Hotel Chocolat Group PLC announced on Wednesday that an overwhelming 99.98% of its shareholders have given the green light to the proposed £534 million ($677 million) takeover by U.S. confectionery giant Mars. The decisive nod came during a High Court meeting, elevating anticipation for the upcoming legal showdown.
A Sweeter Deal: Shareholder Support Surges
The eagerly awaited court and general meetings on Tuesday witnessed an unprecedented surge in support, surpassing the crucial 75% threshold required under the Companies Act 2006. Hotel Chocolat enthusiasts, fervently backing the transaction, are now eagerly awaiting the grand finale – a High Court hearing on Jan. 23.
Hotel Chocolat Shareholders £534M Bid : Legal Maestros Take the Stage
Leading the charge for Mars is the legal prowess of Freshfields Bruckhaus Deringer LLP, with corporate aces Piers Prichard Jones and Victoria Sigeti at the helm. On the Hotel Chocolat front, Gavin Davies, head of global mergers and acquisitions, and partner Caroline Rae from Herbert Smith Freehills LLP stand guard, ensuring a formidable defense.
Countdown to Sweet Victory: Mars’ Cash Deal Nears Completion
The tantalizing saga began when Hotel Chocolat sealed a cash deal with Mars Inc. back in November. The U.S. candy giant, known for iconic treats like M&Ms and Snickers, is set to acquire the British chocolatier at a generous rate of 375 pence per share. The cocoa-infused empire of Hotel Chocolat, with its retail shops, cafés, and restaurants, is now on the brink of a monumental shift.
Mars’ Ambitious Plans for Global Chocolate Domination
With its headquarters in Virginia, Mars is not merely acquiring a brand; it’s nurturing a vision. The U.S. food producer has established Hive Bidco Inc., a subsidiary devoted to the completion of this colossal deal. Mars anticipates not only propelling the growth of Hotel Chocolat but also fortifying its own foothold in the U.K.
Hotel Chocolat Shareholders £534M Bid : March 2024 Set as the Closing Curtain
The dueling sweet titans are eyeing a climactic resolution by March 2024, intensifying the buzz surrounding the impending closure. As both sides gear up for the legal climax, the future of Hotel Chocolat hangs in the balance, enthralling observers with the suspense of a chocolate-filled courtroom drama.
