New Delhi [India], Aug 18 (ANI-NewsVoir): Shardul Amarchand Mangaldas & Co. (‘SAM & Co.’) advised Kagome Co. Ltd. (Japan), ASG LLC and Preferred Brands International Inc. in relation to the acquisition of Preferred Brands International and its subsidiaries including Tasty Bites Enterprises Limited (TBEL). The primary transaction is valued at USD 172 million (appox.) and will be followed by an open offer (valued at INR 352 crores). Tasty Bites Enterprises is a leading Indian manufacturer of packaged ready to eat food products.Also Read - Mumbai Rains: Death Toll Rises to 31 in Landslide, House-collapse Incidents; NDRF Ends Search & Rescue Ops
The M&A Group of the General Corporate Practiceand the Tax Practice of Shardul Amarchand Mangaldas were involved in structuring of the transaction, drafting and negotiations of the transaction documents and the open offer documents. The transaction team was led by Mr. Sandip Beri, Partner; and Ms. Akila Agrawal, Partner; and included Mr. Mukul Sharma, Principal Associate; Mr. Navin Kumar, Principal Associate; Mr. Shashank Mishra, Principal Associate; and Ms. Rajashree Ravi, Associate. The Tax advisory was provided by Mr. Amit Singhania, Partner; Gouri Puri, Principal Associate; and Rahul Yadav, Principal Associate. Also Read - Poll Strategist Prashant Kishor Meets Rahul Gandhi in Delhi, Punjab Elections Likely on Agenda
As a part of the transaction, Mars Incorporated, through its group company Effem Holdings Limited, has agreed to acquire 100% stake in Preferred Brands International Inc., (including its Indian Subsidiaries, Tasty Bites Enterprises Limited, a listed company and Preferred Brands (India) Foods Limited, an unlisted company) from its existing shareholders Kagome Co. Ltd., and ASG LLC. Also Read - International Travel Update: Germany, Norway And Iceland Reopens Visa Application Centres in India
The said indirect acquisition of TBEL, will trigger an open offer under the SEBI (SAST) Regulations. The said transaction is a deemed direct acquisition under the SEBI (SAST) Regulations. Effem Holdings has made for an open offer for 661190 shares of Tasty Bite Eatables Limited at a price of INR 5,323.87 per equity share.
The parties involved in the transaction were Kagome Co. Ltd. (Japan), ASG LLC and Preferred Brands International Inc. (Our Clients) and Effem Holdings Limited and Mars Nederland BV – Affiliates of Mars International (Counterparties)
Other Advisors to the transaction were The Giannuzzi Group (US counsel for ASG LLC and its members); Squire Patton Boggs (US counsel for Kagome Ltd.); Skadden, Arps, Slate, Meagher & Flom LLP (US counsel for Mars International and affiliates); AZB & Partners (Indian counsel for Mars International and affiliates); Morgan Stanley (Merchant Banker for the open offer); and Goldman Sachs (Financial Advisor for ASG LLC and Kagome Ltd.).
The deal was signed onAugust 14, 2017 and is expected to close by end of October, 2017. (ANI-NewsVoir)
This is published unedited from the ANI feed.