Carnegie advises Orkla ASA to achieve 98.6% acceptance rate and to successfully complete the voluntary public tender offer for Kotipizza Group

Orkla ASA and Kotipizza Group Oyj announced on 22 November 2018 that they had entered into a combination agreement pursuant to which Orkla undertook to make a voluntary recommended public cash tender offer to purchase all of the issued and outstanding shares in Kotipizza Group. In the Tender Offer, Kotipizza Group’s shareholders were offered a cash consideration of EUR 23.00 per share, valuing Kotipizza Group’s equity at approximately EUR 146 million.

Orkla announced on 17th January 2019 that it will complete the voluntary recommended public cash tender offer. According to the final results of the Tender Offer, the shares tendered in the Tender Offer together with the shares acquired by the Offeror through market purchases, represent approximately 98.59% of all the shares and votes in Kotipizza Group. As the Minimum Acceptance Condition and all other conditions to completion are fulfilled, the Offeror will complete the Tender Offer in accordance with its terms and conditions.

The acquisition is in line with Orkla’s strategic ambition to increase its presence in channels with faster growth than traditional grocery, and Orkla sees a good match between the two companies.

Kotipizza Group is a leading player in the Finnish restaurant market, and best known for its Kotipizza restaurant chain. Additionally, Kotipizza Group consists of the supply and logistics company Helsinki Foodstock Oy, Mexican-style restaurant chain Chalupa, Social Burgerjoint restaurant chain and No Pizza restaurant concept. In 2017, the Kotipizza Group had total net sales of EUR 84.1 million with EBIT of EUR 6.4 million.

Carnegie acted as the sole financial adviser to Orkla.