Hotel Chocolat has agreed to a takeover offer by confectionery giant Mars in a deal that values the business at £534m.
The chocolatier said the cash offer represented a 168.8% premium on its current 139p share price at the close of business on Wednesday.
It added that Mars is “culturally aligned” with its “shared values of quality, sustainability and purpose”.
Hotel Chocolat’s plans to accelerate its international expansion plans following the acquisition.
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Chief executive Angus Thirlwell said: “We know our brand resonates with consumers overseas, but operational supply chain challenges have held us back.
“By partnering with Mars, we can grow our international presence much more quickly using their skills, expertise and capabilities.”
Hotel Chocolat chair Stephen Alexander added the confectionery retailer has “strong long-term prospects and today’s deal will allow it to grow further and faster”.
“Joining forces with Mars will deliver great value through the cash offer for Hotel Chocolat shareholders and the combination will create exciting opportunities for our employees as part of Mars,” he added.
The retailer, which struggled to expand its presence in Japan earlier this year, said the acquisition “could provide the brand with an enhanced platform for growth in the UK and potentially in new geographies”.
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