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Mars has agreed to a takeover of Hotel Chocolat in a deal which values the business at £534m.
The cash offer from Mars represented a 168% premium on its share price which closed at 139p on Wednesday (15 November).
The directors of Hotel Chocolat stated that they believed the terms of the deal to be “fair and reasonable”.
Mars believes that Hotel Chocolat and Mars are “culturally aligned”, with shared values of “quality, sustainability and purpose” among their guiding principles.
The company added it is well-positioned to support Hotel Chocolat’s next growth phase with its international footprint, global supply chain and extensive commercial relationships.
Stephen Alexander, chair of Hotel Chocolat, said: “Hotel Chocolat is a brand with strong long-term prospects and today’s deal will allow it to grow further and faster. Joining forces with Mars will deliver great value through the Cash Offer for Hotel Chocolat shareholders and the combination will create exciting opportunities for Hotel Chocolat employees as part of Mars.”
Andrew Clarke, global president of Mars Snacking, added: “We have long admired the fantastic business that Angus, Peter and the Hotel Chocolat team have created. Hotel Chocolat is a differentiated and much-loved brand, with an impressive product offering and a deep commitment to its values of originality, authenticity and ethical trading.
“The Mars and Hotel Chocolat businesses are highly complementary, and during the course of our discussions with Hotel Chocolat’s leadership it has also become clear that there is a very strong cultural fit – with purpose at the heart of both organisations, and a shared passion for quality and sustainability.”
