Shares in The Magnum Ice Cream Company N.V. (LON: MICC) have rocketed more than 27% over the past month, fuelled by reports that heavyweight private equity firms are exploring a potential takeover of the world’s largest ice cream business.
The Amsterdam-headquartered company, which owns iconic brands including Magnum, Ben & Jerry’s, Cornetto and Wall’s, only began trading as an independent company in December 2025 following its demerger from British consumer goods giant Unilever. Yet less than six months after listing, the business has found itself firmly in the crosshairs of buyout firms.
A Reuters report published on 15 May triggered a near-16% single-day surge — the stock’s biggest ever daily gain — after sources confirmed that Blackstone and Clayton, Dubilier & Rice (CD&R) are among private equity firms in the early stages of weighing bids for the company. Other unnamed PE firms are also said to be monitoring the situation.
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The takeover interest stems largely from a valuation gap that has opened up since the IPO. MICC’s shares had drifted from a post-listing high of around 1,433.5p to below 1,000p earlier this year, depressed by concerns over rising debt following the spin-off, softening consumer demand, and headwinds from the boom in GLP-1 weight-loss drugs.
That weakness has drawn comparisons to rival Froneri — a PE-backed Nestlé joint venture recently valued at €15 billion — suggesting MICC’s current market capitalisation represents a significant discount.
However, analysts have urged caution, noting that a tax-free demerger agreement restricts MICC from engaging in major transactions for two years, making a formal bid legally complex before late 2027.
Reports indicate that the interested parties are waiting for MICC’s critical summer trading results before making any firm move, with ice cream sales heavily weighted toward the warmer months.
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