Mars is Paying $661 Million to Buy Britain’s Biggest Independent Chocolate Maker

Mars is buying Hotel Chocolat in a deal that values Britain’s largest independent chocolate maker at £534 million ($661 million) and could boost its growth prospects outside of the United Kingdom.

News of the deal sent Hotel Chocolat’s shares up 164% Thursday to within striking distance of the offer price of 375 pence ($4.65) per share. Mars’ cash offer represents a premium of almost 170% to the stock’s closing price on Wednesday — an amount one consultant described as “astounding.”

“The cash offer is… a ridiculous premium for what is fundamentally a business with limited future growth in the UK, and questionable performance internationally,” Jonathan De Mello, who runs UK-based retail consultancy JDM Retail, wrote on X, the platform formerly known as Twitter.

Read the source article at CNN Business