Caffè Nero has rejected a takeover offer by the billionaire brothers behind petrol forecourt company EG Group, Zuber and Mohsin Issa.
As reported by breakingnews.ie, the brothers' offer came ahead of a vote by Caffè Nero creditors on a Company Voluntary Arrangement (CVA) plan, the aim of which is to secure better terms from landlords.
The brothers made their offer to Caffè Nero founder and controlling shareholder Gerry Ford.
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The brothers said that their offer would have paid landlord rent arrears, which are owed as a result of the COVID-19 pandemic, in full.
Caffè Nero Statements
However, Caffè Nero said that the offer was a "clear intention is to disrupt the CVA process", and that the offer could be a precursor to the brothers "opportunistically acquiring the company at a later date".
Caffè Nero also stated, "Importantly, the group's external lenders have indicated their support for the CVA process.
"The lenders are aware of the approach [made by the Issa brothers] and have not requested a change in strategy, and shareholders have undertaken to reject the offer."
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