The Boone family, the major shareholders of Lotus Bakery, will sell at least 55,000 shares of the biscuit manufacturer from Limbeki. Based on Monday’s closing share price (5,610 euros), it relates to an operation of at least 308 million euros.
The family’s shareholders – with CEO Jan Boone – will hold about 50 percent of the shares after the sale, but they will hold more than 65 percent of the voting rights. They also say in a press release that they want to retain a controlling interest in the future.
At least 55,000 shares will be offered only to institutional investors, not to private investors. There is an option to purchase up to 65,303 shares, which is 8 percent of the existing capital outstanding. Based on Monday’s closing price, that would be more than 366 million euros.
According to Bloomberg, interest among institutional investors is high enough to sell the entire package of 65,303 shares.
According to the family shareholders, the sale of shares is in line with Lotus Bakery’s “aspiration to attract a more diverse group of shareholders”, which also reflects the “geographical scope of activities”.
The Boone family will also be left with a nice penny from the operation. Lotus Bakery stock rose sharply last year and peaked at €5,910 last week. A year ago, it was trading at around 3,350 euros.
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