Mars Inc set to acquire Hotel Chocolat in a $662 million deal

November 16, 2023 Business Desk

Mars Inc. is set to acquire Britain's Hotel Chocolat for $662 million in a move to expand its global presence.

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The takeover offer amounts to £534 million, leading Hotel Chocolat's shares to surge in early trading.

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The cash offer of 375 pence per share represents a 170% premium over the previous day's closing price.

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Co-founders and major shareholders, Angus Thirlwell and Peter Harris, each stand to gain approximately £144 million from the deal.

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Hotel Chocolat, established 20 years ago, faced challenges in international expansion and a UK cost of living crisis.

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Mars Inc.'s acquisition aims to leverage Hotel Chocolat's brand strength and upscale offerings for international growth.

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The deal is expected to be finalized by January 2024, with Thirlwell leading the company for the next five years under Mars ownership.

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