Ireland-based retailer, Applegreen (LON: APGN) said on Thursday that it is in advanced talks with a consortium, that includes its founders, about a potential takeover of the company for €5.75 per share.
Robert Etchingham and Joseph Barrett, Applegreen's founders, own 41.3% of the company through B&J Holdings, while Blackstone Infrastructure Partners, a US private equity group, is also part of the consortium.
If the transaction were to go ahead, B&J would continue to hold a significant stake in the company with its founders continuing in their current positions.
“Following receipt of an initial proposal from the Consortium, the Independent Board was formed to review and evaluate that proposal, and it decided to engage, with the support of its advisers, in negotiations with the Consortium,” Applegreen said in its statement.
The offer represents a 48.2% premium on Applegreen's Closing price of €3.88 on 9 December 2020.
Shares of the company have rallied on Thursday after the announcement, currently trading 43.22% higher at 508p.