DP Eurasia N.V. (LSE:DPEU) has announced an improved takeover bid by Jubilant Foodworks Netherlands.
Following a bid of 85p per share, which was dubbed as sub-par by DP Eurasia, Jubilant has now hiked its offer to 95p per share in the Domino’s Pizza franchisee.
This values DP Eurasia at approximately £139.3 million, the company said in a statement, with the outstanding capital not already owned by Jubilant amounting to £63.1 million.
DP Eurasia operated 678 Domino’s Pizza stores in Turkey as of October, alongside COFFY shops in the country and further sites in Azerbaijan and Georgia.
Jubilant’s offer marks a 38.7% premium to DP Eurasia’s 27 November closing share price of 68.5p, which the latter said was the most comparable date.
Shares have since climbed 40% to 96p following Jubilant’s approaches, with the subsidiary to giant conglomerate Jubilant Bhartia already operating its own Domino’s sites in India, Sri Lanka, Nepal and Bangladesh.