Hunter Douglas Shares Soar on 3G Capital's $7.1 Billion Deal to Buy Controlling Stake -- Update
31 Décembre 2021 - 1:42PM
Dow Jones News
By Olivia Bugault
Shares in Hunter Douglas NV rose sharply Friday after the Dutch
maker of window coverings said that 3G Capital will buy a 75% stake
in the company in a deal that implies an enterprise value of
roughly $7.1 billion.
At 1312 GMT, Amsterdam-listed shares in Hunter Douglas were up
69.8% at EUR172.20.
New York-based investment group 3G Capital entered into a
definitive agreement with Ralph Sonnenberg, the executive chairman
and controlling shareholder of Hunter Douglas, for the transfer of
the controlling interest at a price of 175 euros ($198.23) per
ordinary share, a 73% premium to the closing price on Dec. 30,
Hunter Douglas said late Thursday. Compared with Hunter Douglas's
all-time high closing share price of EUR106.40, it is a 64%
premium, it said.
The Sonnenberg family will still hold a 25% stake in Hunter
Douglas after completion of the deal, the company said.
Joao Castro Neves, currently a senior partner at 3G Capital, is
set to take over as the new chief executive officer of Hunter
Douglas once the deal is completed, the company said. He also sits
on the board of Restaurant Brands International Inc. and Kraft
Heinz Co.
David Sonnenberg, co-CEO of Hunter Douglas, will take his
father's position as executive chairman of the company after
completion of the deal, it said.
"The board of directors of Hunter Douglas, represented only by
its independent directors, unanimously supports the transaction and
has entered into a separate agreement with 3G Capital and Ralph
Sonnenberg to facilitate and secure a cash exit for all minority
shareholders based on the same price per ordinary share," it
said.
The deal is expected to close in the first quarter of 2022.
Hunter Douglas said that for the fourth quarter, it expects
sales to be similar to that of the third quarter, and sees earnings
before interest, taxes, depreciation, and amortization in the range
of $195 million and $205 million.
For 2022, Hunter Douglas forecasts that sales and Ebitda will
grow by a mid-single-digit percentage on year, excluding the
effects of acquisitions, divestments and if markets conditions
remain unchanged. The Ebitda margin should be more than 18%, it
said.
Hunter Douglas posted sales of $3.54 billion for 2020, which was
lower than the previous year. "The 3.9% sales decrease reflects a
4.6% volume decrease, 0.4% negative currency impact, 2.8% increase
from acquisitions and 1.7% decrease from divestments," it said at
the time of the results. Ebitda, however, was up 5.4% on year at
EUR530.7 million.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
December 31, 2021 07:27 ET (12:27 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Anheuser Busch Inbev SA NV (NYSE:BUD)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Anheuser Busch Inbev SA NV (NYSE:BUD)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024