November 22, 2018 / 7:03 AM / 24 days ago

Norway's Orkla offers to buy Kotipizza for 146 mln euros

OSLO, Nov 22 (Reuters) - Norwegian consumer goods retailer Orkla offered to buy the owner of Finland’s largest chain for pizza restaurants, Kotipizza Group, for 146.1 million euros ($166.63 million), the two companies said on Thursday.

The offer equivalent to 23 euros per share represents a premium of 38 percent to the last closing of Kotipizza Group’s shares.

About a third of Kotipizza’s shareholders, including chief executive officer, chief financial officer, Axxion S.A., DNCA Invest Archer Mid-Cap Europe, DNCA Invest Norden Europe and Elo Mutual Pension Insurance Company, have already consented to the offer, which is also unanimously recommended by the board, Kotipizza Group said.

“The acquisition of Kotipizza Group is in line with our strategic ambition to increase our presence in channels with faster growth than traditional grocery, and we see a good match between the two companies,” Orkla CEO Peter A. Ruzicka said. ($1 = 0.8768 euros) (Reporting By Ole Petter Skonnord; Editing by Subhranshu Sahu)

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