German meal-kit company HelloFresh has tabled a A$125.3 million offer to acquire Australian ready meals firm Youfoodz.
Youfoodz, which operates three production facilities in Brisbane, specialises in the production and distribution of ready –made meals and other convenience food products for residential, retail and corporate customers.
Since inception in 2012, Youfoodz has delivered over 60 million ready-made meals to its home delivery, retail and corporate customers.
The Youfoodz Board told the company’s shareholders to vote in favour of the proposed scheme, which puts a significant premium of 82% to the last closing price of A$0.51 per share on 12 July 2021.
“The Youfoodz Board has carefully considered the Scheme and concluded that it represents an opportunity for Youfoodz shareholders to realise certain value with respect to their investment at a material premium to its trading as a public company,” reads the Board’s statement.
“The transaction combines Youfoodz strength in developing and manufacturing delicious ready-made meals with HelloFresh’s expertise in supply chain management, technology and direct-to-consumer marketing.
“Both companies are unified in their purpose to provide Australians with delicious, high quality and affordable fresh meals.”
The scheme is expected to be implemented in October or November 2021.
