Woolworths exits Dan Murphy’s owner Endeavour with $383m stake sale

[Pelican Press 0]

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Woolworths exits Dan Murphy’s owner Endeavour with $383m stake *****

Supermarket giant Woolworths has agreed to sell its remaining shares in ******* group Endeavour and will use the funds to gobble up the rest of food services company PFD Food Services

Endeavour — the owner of Dan Murphy’s, BWS and hotels group ALH — was a spin-out of Woolworths’ ******* division and listed on the *********** Securities Exchange in June 2021.

Woolworths on Monday said it had agreed to sell its remaining shares representing about 4.1 per cent of Endeavour’s issued capital. The ***** via a block trade is priced at $5.23 per share and set to raise Woolworths $383 million.

Woolworths said it would use the proceeds to acquire the remaining 35 per cent stake in PFD, which delivers food to cafes, restaurants, hotels, clubs and more.

The competition regulator in 2021 gave the supermarket the green light to acquire 65 per cent of PFD amid concerns the deal could see Woolworths increase its already substantial bargaining power with food manufacturers.

As at 10.20am on Monday, Endeavour shares were down 2.1 per cent to $5.23 and Woolworths down 0.1 per cent to $35.66.

Woolworths earlier this year sold 5 per cent of its stake in Endeavour for $486m. It followed the ***** of a 5.5 per cent stake in the group for $636m in 2022.

Last week, Endeavour — which is behind 275 Dan Murphy’s stores, 1450 BWS shops and more than 300 hotels across the country — reported a 3.2 per cent fall in annual profit.

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