The Irish firm’s co-founders and a part of the Blackstone US private equity group have formed a consortium to take the company off the stock market at a price of €5.75 per share.
The founders, Chief Executive Robert Etchingham and Chief Operations Officer Joseph Barrett, own 41.3% of the company through a vehicle called B&J Holdings.
Should the transaction proceed, B&J Holdings will retain a “significant equity stake” in the consortium with Etchingham and Barrett maintaining their current management positions, NamNews reported.
The offer, which is subject to the completion of due diligence, represents a 48.2% premium to Applegreen’s €3.88 closing share price on Wednesday.
A statement from the firm said: “The Independent Board believes the possible cash offer, if effected, would represent a compelling opportunity for shareholders in Applegreen to realise their investment at an attractive premium to the prevailing share price.”
Discussions are said to be ongoing with Applegreen saying that there was no certainty that a firm offer will be made by the consortium.
Applegreen operates 559 forecourts across the Republic of Ireland (204 sites), UK (164) and US (191). It is also the number one Motorway Service Area operator in Ireland and the number two in the UK through its majority-owned subsidiary,