Applegreen considering takeover offer by co-founders and Blackstone

Chief Operating Officer, Joe Barrett (pictured) and Chief Executive Officer Robert Etchingham would maintain their current management positions should the transaction proceed. Picture: 

Forecourt retailer Applegreen is in discussions with a consortium including B&J Holdings and Blackstone Infrastructure Partners in relation to a possible cash offer for the company at a price of €5.75 per share.

B&J Holdings is a 41.3% shareholder in Applegreen and represents the holdings of Applegreen founders Robert Etchingham and Joseph Barrett.

The cash offer represents a premium of approximately 48.2% to Applegreen’s closing price of €3.88 yesterday.

Following receipt of an initial proposal from the consortium, an independent board was formed to review and evaluate the proposal.

The board is comprised of all of the directors of the company excluding Robert Etchingham, Joseph Barrett and Niall Dolan.

In a statement, Applegreen said the board intends to recommend unanimously that shareholders accept the deal, should the consortium announce "a firm intention" to make an offer.

"The independent board believes the possible cash offer, if effected, would represent a compelling opportunity for shareholders to realise their investment at an attractive premium to the prevailing share price," it continued.

Should the transaction proceed, B&J Holdings Limited would retain a significant equity stake in the consortium and Robert Etchingham and Joseph Barrett would maintain their current management positions within the company as Chief Executive Officer and Chief Operating Officer, respectively.

In September, Applegreen reported a fall in revenues of almost 27% in the first half of the year as a result of the Covid-19 pandemic.