Maspex's offer to take over Purcari, one-third subscribed after five days

The offer by which Maspex wants to take control of Purcari Wineries (WINE) is one-third subscribed, almost five days after the launch of the market operation, according to data available on the platform of a brokerage company.

By yesterday at 3:00 p.m., shareholders had placed sell orders for 13.4 million shares of the Moldovan wine producer, equivalent to 34% of the total shares in question. Maspex launched the offer for almost 39.8 million Purcari shares, representing about 98.4% of the issuer's share capital, at a unit price of 21 lei. Yesterday, at the aforementioned time, Purcari shares were trading at a price of 20.85 lei.

The market operation, which is brokered by BRD-Groupe Societe Generale, will include sales of Amboselt Universal and Victor Bostan, the founder of Purcari, based on commercial agreements concluded between the parties. Victor Bostan will remain an indirect shareholder of Purcari through Amboselt, with a participation of approximately 15% of the issuer's capital until the end of 2027. "Amboselt's 15% participation in the issuer's share capital is subject to: (a) a lock-up agreement and (b) a put/call option that can be exercised in the first six months of 2028 for a pre-agreed exercise price that will be equal to the price of the voluntary public takeover offer plus an interest of 12% per annum compounded annually," a report from the BVB states.

Through this offer, Maspex wants to take control of the Moldovan wine producer, without intending to delist Purcari shares from the Bucharest Stock Exchange, as shown in the reports from BVB. The current valuation of the Moldovan wine producer amounts to about 840 million lei.

Maspex Romania is part of the Maspex Polonia Group, the largest private company in the food and beverage industry in Poland, and also one of the largest companies in Eastern Europe. Maspex has been present on the market for over 35 years, operating in 18 factories in Poland and neighboring countries, its products being sold in over 80 countries worldwide, Among the brands are Nestea, Tymbark or Bucovina. In 2024, the Group's sales revenues were over 3.7 billion euros.