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Refresco agrees to 1.6 billion euro take-over offer from PAI

Dutch juice bottling company Refresco has agreed to a 1.6 billion euro ($1.9 billion) buyout offer from French private equity firm PAI Partners, the company said on Wednesday.

Earlier this month Refresco said it would consider the offer, after having rejected a 1.4 billion euro offer from PAI in April.

The new PAI offer is to acquire all 81.2 million issued shares in Refresco for 20 euros per share. Refresco shares closed at 19.30 euro on Tuesday.

Refresco was founded in 1999 and floated in 2015 by its owners, which included private equity firm 3i. It makes and bottles fruit juices and soft drinks for retailers and brands in Europe and the United States.

The company employs 5,500 people and has production facilities in the Benelux countries, Finland, France, Germany, Italy, Poland, Britain and the United States.

In 2016, it reported a net profit of 81.5 million euros on revenue of 2.1 billion euros.

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