Maspex gets 20% of Bucharest-listed Purcari winery on first day of takeover bid

Shareholders of Purcari winery (BVB: WINE) placed offers to sell 21.1% of the total number of shares to the Polish group Maspex, on the first day of the takeover bid organised by the latter for 98.4% of the winery’s shares, according to Profit.ro. At the price promised by Maspex, the shares already promised by the shareholders are worth RON 179 million (EUR 35 million).

Maspex seeks to get a controlling stake through the takeover bid. The subscription period expires on July 30.

In absolute terms, the shareholders promised to sell 8.53 million shares, out of a total of 40.4 million shares, at the price of RON 21 per share offered by Maspex. 

The price of the offer brokered by BRD – Groupe Société Générale (BRD) places Purcari’s market capitalization at RON 849 million (EUR 167 million), slightly above the regulated market price. However, it is almost 50% higher than the Purcari shares’ price in the first part of this year, before the Polish group announced its intention to take over the winemaker.

Maspex, a group based in Poland, is active on the local market through brands such as Tymbark, Tedi, Bucovina, or La Festa.

The Purcari takeover would mark an expansion into the wine sector, diversifying the group’s portfolio in the alcoholic beverages segment. Maspex representatives stated that, although they are targeting a significant holding – up to 98% of the shares – they do not intend to delist the company from the Bucharest Stock Exchange.

At the time Maspex announced the takeover bid on May 21, it also disclosed that it had reached an agreement to purchase a 13.04% stake from Purcari’s founder Victor Bostan and an unnamed institutional investor. Bostan will sell a 5% stake held indirectly through Amboselt Universal, while the remaining 15% (also held indirectly through Amboselt Universal) will be subject to a lock-up agreement and a put/call option exercisable in the first half of 2028.

The future exercise price will match the takeover bid price plus 12% annual interest.

iulian@romania-insider.com

(Photo source: Maspex)