The boards of directors of Hive Bidco, Inc. (“Bidco”) and Hotel Chocolat Group plc (“Hotel Chocolat”) have reached agreement on the terms of a recommended cash acquisition, for Bidco, a wholly-owned indirect subsidiary of Mars, Inc. (“Mars”) under which Mars will acquire the entire issued and to be issued ordinary share capital of Hotel Chocolat.
The offer of 375 pence per share values the entire issued and to be issued share capital of Hotel Chocolat at approximately £534 million and the offer is at a premium of approx. 169.8 per cent to Hotel Chocolat’s share price of 139 pence at the close of business on 15 November 2023.
Mars says it has long admired Hotel Chocolat’s impressive credentials as a contemporary, premium brand with a differentiated product offering, world-class product quality and strong direct-to-consumer capabilities through its physical store presence and sophisticated digital commerce platform. Mars believes that Hotel Chocolat and Mars are culturally aligned, with shared values of quality, sustainability and purpose among their guiding principles. Mars’ stated purpose is “the world we want tomorrow starts with how we do business today” and it shares the passion and conviction in Hotel Chocolat’s mission, “to make people and nature happy through reinventing chocolate”. It also believes it is well-positioned to support Hotel Chocolat’s next growth phase with its international footprint, global supply chain and extensive commercial relationships, which could provide the Hotel Chocolat brand with an enhanced platform for growth in the UK and potentially in new geographies.
Co-founder of Hotel Chocolat Angus Thirlwell will be remaining with the business for at least five years and is understood to be reinvesting 80 per cent of his personal (£144m) proceeds from the sale back into the business.
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