London – United Kingdom – International law firm Addleshaw Goddard acted for DBAY Advisers, an international asset management firm and Frisbee Bidco on the takeover of Finsbury Food Group plc, a leading speciality bakery manufacturer. 

The boards of Frisbee Bidco Limited ("Bidco") and Finsbury Food Group plc ("Finsbury") reached agreement on the terms of a recommended offer made by Bidco for the entire issued and to be issued ordinary share capital of Finsbury (the "Acquisition"). The Acquisition is to be effected by means of a scheme of arrangement between Finsbury and Finsbury Shareholders.

Commenting on the announcement, Peter Baker, Non-Executive Chairman of Finsbury, said:

“Finsbury has a successful track record under the leadership of the current management team of delivering sustainable, profitable organic growth along with strategic, targeted acquisitions. For the next phase of the Finsbury Group’s development the business will need to pursue strategic, transformational M&A to achieve the scale required to be successful in an increasingly competitive and demanding market place." 

Commenting on the announcement, Alexander Paiusco, Chief Executive of DBAY said:

“We are pleased to have reached agreement with the Finsbury Board and that the Acquisition has received a unanimous recommendation.  The Cash Offer represents an opportunity for Finsbury Shareholders to realise their investment in cash at a premium to the historical share price of Finsbury and as an alternative to the Cash Offer we have offered Finsbury Shareholders the ability to retain a shareholding in Finsbury going forward through the Alternative Offer." 

The AG deal team was led by Simon Wood supported by Lucy Robson and Jagpal Pahal. Ewen Scott, Kyle Johnson and Amy Taggart advised DBAY on the debt financing of the takeover.

Simon Wood Addleshaw Goddard Partner in Corporate Finance said:

"The AG team has again worked closely with DBAY to deliver this recommended offer which provides the key ingredients for Finsbury Food Group to emerge with the scale and resources to grow in a competitive speciality bakery market."