Polish group Maspex initiated procedures for a voluntary takeover bid in an attempt to acquire a controlling stake in Bucharest Exchange-listed Purcari Wineries (BVB: WINE) at a price of RON 21 per share that puts the company's value at EUR 168 million, according to a note to investors issued on May 21. 

The bid was also notified to the financial supervisory authority (ASF) for approval. Maspex Romania currently controls less than 5% of WINE. 

The price of the company's shares rose by 25% after the announcement, to RON 17.64 per share (with no seller at this price), and is likely to soon reach the price set by Maspex under the takeover bid.

Maspex announced it had already reached an agreement to acquire, through its Romanian subsidiary Maspex Romania, a 13.04% stake from the company's founder, Victor Bostan, and another unnamed institutional investor. 

Bostan will sell a 5% stake out of a 20% participation held indirectly through Amboselt Universal, while the remaining 15% stake is subject to a lock-up clause and put/call option executable in the first half of 2028 at a price equal to the one paid in the takeover bid plus 12% per annum interest. 

Purcari recorded revenues of RON 382.4 million in 2024, 3% higher than in 2023, on the back of a 13% y/yr increase in the main wine segment. In the reported period, the company's net profit decreased by 10% y/y to RON 57.3 million (EUR 11.4 million). EBITDA registered an increase of 7% y/y, up to RON 107 million (EUR 22 million).

Moldovan-based wine producer listed on the Bucharest Stock Exchange Purcari operates over 2,000 hectares of vineyards located in Romania, across the Prut River, and in Bulgaria. The company is one of the most important players in the local wine industry. The group has expanded both directly and through acquisitions.

Maspex is a group originating from Poland that is active in 80 countries, with a turnover of EUR 3.7 billion last year. It has been active in Romania since 1996. The company expanded and modernized its Prahova factory between 2001 and 2008 and made three major acquisitions: pasta producer Arnos Oradea (2007), part of the assets of bakery Pan Group Craiova (2013), and mineral water bottler Rio Bucovina (2016).

Internationally, the group is a leader in the juice, nectar, and soft drink market in Poland, the Czech Republic, Slovakia, and Romania and a major player in Hungary, Romania, Bulgaria, Lithuania, and Latvia.

iulian@romania-insider.com

(Photo source: Sergiy Palamarchuk/Dreamstime.com)