World Confectionery Group, a subsidiary of investment firm Investindustrial Advisors, has launched a €142.4m ($162.44m) takeover bid for Spanish confectionery business Natra.
According to its website, Investindustrial has offered €0.90 ($1.03) in cash for each Natra share and €900 ($1 026) for each convertible bond.
Natra owns six specialised production centers in Spain, Belgium, France and Canada, and is headquartered in Madrid. The company also has commercial outlets in the US and Asia, as well as Europe.
Investindustrial Advisors is one of Europe's leading independent investment groups focused on taking control positions predominantly in southern European medium-sized companies active in industry sectors, such as industrial manufacturing, consumer, leisure and business services.
Natra produces a range of chocolate products such as slabs, countlines, spreads and Belgian specialties. It also produces cocoa mass, cocoa butter and chocolate powder for private-label brands and other food companies, as well as investing in cocoa derivatives.
According to latest figures, Natra obtained an adjusted net profit of €10.4m ($11.86m) to September 2018, compared to the adjusted losses of €0.6m in the same period of the previous year. It also posted net earnings of €12.3m ($14.03m) and revenues of €270m ($308m), in the nine months to end of September 2018.
Natra said a group of its shareholders and Investindustrial Advisors had "entered into an irrevocable undertakings agreement" that will see the group of investors convert into shares the convertible bonds held by them by no later than January 27.