Mars to buy Hotel Chocolat in £534m deal

(Sharecast News) - Premium chocolatier Hotel Chocolat said on Thursday that it has agreed to be bought by US food giant Mars in a £534m deal. Under the terms of the acquisition, Hotel Chocolat shareholders will receive 375p per share in cash. This represents a premium of around 169.8% to the closing share price on Wednesday.

Chair Stephen Alexander said: "Hotel Chocolat is a brand with strong long-term prospects and today's deal will allow it to grow further and faster.

"Joining forces with Mars will deliver great value through the Cash Offer for Hotel Chocolat shareholders and the combination will create exciting opportunities for Hotel Chocolat employees as part of Mars."

At 0805 GMT, the shares were up 162% at 365.15p.