Gin maker Bols set to be delisted as rival Nolet eyes buyout

The distinctive Bols earthenware jugs being filled in 1945. Photo: Nationaal Archief

Gin maker Lucas Bols looks set to be delisted from the Amsterdam stock exchange after accepting a €269.5 million offer from Schiedam-based distillery Nolet.

Nolet’s offer is worth €18 a share for a company whose share price has hovered around the €10 mark since May, the FD reported.

Bols was valued at €15.75 a share when it went public in 2015, but its price has not been above €12 since the start of the coronavirus pandemic.

Lucas Bols, founded in Amsterdam in 1575, owns drinks brands including Pisang Ambon, Bokma and Coebergh, while Nolet’s best-known product is the Ketel 1 range of gins and vodkas.

There has been speculation about a possible takeover of Bols by Nolet since the latter started buying shares in its rival, gradually increasing its stake to 29.9% to become the largest shareholder.

Nolet said it would look to complete the takeover once it manages to acquire 70% of the shares in Lucas Bols.

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