Nick Politis’ SEQ Hospitality makes $77m takeover bid for Eumundi Group
Sydney Roosters chairman and billionaire Nick Politis is set to expand his property portfolio with an offer for pubs and shopping centre group Eumundi that its board deemed too good to refuse.
Sydney Roosters chairman and billionaire Nick Politis is set to expand his property portfolio with a $77m all-cash takeover bid for ASX-listed Queensland pub and shopping centre owner Eumundi.
SEQ Hospitality, which is half owned by Mr Politis, said it had entered into a transaction implementation deed where it sought to acquire Eumundi at $1.55 cash per share through an off-market takeover and scheme of arrangement.
The share offer represents a premium of about 23 per cent to the closing price of Eumundi shares on October 29 of $1.26. They were steady at $1.60 on Thursday.
Eumundi’s directors, who hold about 43 per cent of the company’s shares, unanimously recommended the SEQ transaction, in the absence of a superior proposal.
Prominent Brisbane lawyer and investor and Eumundi chairman Joe Gamin, who holds 26.16 per cent of the company, said the SEQ offer gave shareholders an opportunity to realise their investments at a substantial premium to the current market price.
“The board has carefully considered the SEQ transaction in the context of other available alternatives as well as the continued uncertainty facing wider global markets,” he said.
“We believe this transaction not only provides shareholders with an attractive exit, but also secures the continued success of Eumundi’s current business operations.”
The company, which floated on the ASX in 1989, began as a craft brewery in the rural town of Eumundi on the Sunshine Coast.
Its current assets include the Ashmore Tavern on the Gold Coast, the Aspley Tavern, Aspley Shopping Centre and Aspley Arcade Shopping Village, The Plough Inn in Brisbane and The Court House Hotel at Murwillumbah in northern NSW.
Rich-lister Mr Politis is the leading shareholder in ASX-listed car dealership group Eagers Automotive.
The Eumundi assets will join independent hotel operator Fortitudo Group’s portfolio of liquor outlets and hotels, which include the QA Hotel at James Street in New Farm, as well as Trader Dukes, Treetops Tavern and The Boathouse on the Gold Coast, and 17 bottle shops.
Mr Gamin said SEQ was part of an established group with an excellent understanding of the hospitality industry.
“The board is confident that SEQ’s leadership team, with their proven industry expertise and track record of effective management, is well-equipped to manage Eumundi’s operations and drive continued growth,” he said.
“Their values align with our commitment to operational excellence and the wellbeing of our dedicated employees, ensuring both a seamless transition and a bright future for the business under their stewardship.”
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