Super Group: Acquisition and Delisting from the Singapore Exchange

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Case

Reference no. 9B20N033

Subject category: Finance, Accounting and Control

Authors: Ruth Tan (National University of Singapore Business School, National University of Singapore); Allaudeen Hameed (National University of Singapore); Weina Zhang (National University of Singapore Business School, National University of Singapore); Zsuzsa R Huszar (National University of Singapore Business School, National University of Singapore)

Published by: Ivey Publishing

Originally published in: 2020

Version: 2020-09-15

Length: 16 pages

Data source: Published sources

Topics: Discounted cash flow; Relative valuation; Precedent transactions; Delisting; Finance; Entrepreneurship; International

Share a link: https://casecent.re/p/172273

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Abstract

On November 3, 2016, Jacobs Douwe Egberts (JDE) launched a bid for Singapore-based food and beverage company Super Group Ltd (Super). JDE had already acquired 60 per cent of the shares but needed another 30 per cent in order to delist the company and take it private. The minority shareholders of Super faced the task of evaluating whether the offer from JDE was reasonable and whether they should tender or hold on to their shares. Their decisions would depend on the valuation of Super's shares, based on financial and other relevant and available market information.