Joined in 2023 
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63 About this deal
Posted at 02/10/2015 11:45 by terrys trousersCalm down Marty W, i know you are who you say. seems to be one person here and other threads trying to stir up trouble, doodlebug4, eg, why is he here in the first place, he hasnt a position, he cetainly hasnt declared it, and hes not on the thread previously. i think hes watching your profile Marty and following your posts. A 25% premium for a controlling stake in one of Europe’s largest electronic and white goods retailers is too low. Macro-indicators are improving and the proposed offer appears opportunistic in our view. Q1 trading for Darty was ahead of expectations; several catalysts exist. Mallett said: “Hard seltzers are an exciting addition to the GB market. Although it is still early days, the growth seen in the US suggests a positive future for the category in GB and should further boost the growth of the strongly performing RTD category.” The report was compiled and authored by Matthew Langley, who is a food and drink insights, strategy and brand expert with more than 19 years’ experience. He previously authored the first four editions of the Weston’s category report, the annual analysis on the cider category.
In the on-trade, the report noted that venues should consider giving at least two spaces in fridges to hard seltzers. The report said hard seltzer consumers are more likely to visit on-trade venues, have more disposable income and are willing to spend more on high-quality products. Not only that, Clements believes the use of the word ‘vodka’ better enables them to play in the RTD space, opening up possibilities to work with other spirits categories on seltzer products. After fermentation, the mix is blended with purified sparkling water and natural fruit flavours to create the end product.
Vodka is a clear indication of the alcohol used and also has associations with a clean taste,” he says. “So, we’re confident this will broaden Drty’s appeal to people who aren’t so familiar with hard seltzer.”
London-based hard seltzer brand Drty released The Drty Hard Seltzer Handbook, which looks at the origin of the category, other brands in the market, consumer demographics, case studies, market size and future predictions. Fnac is cash rich, c.€540m (Dec 2014) and with little commitment to a dividend policy we question why there is no cash component to the proposed offer. The attraction of Fnac paper, a very different business to Darty, is questionable for Darty shareholders in our view.
Darty management has delivered against all its stated objectives, is high quality and has support from a high quality shareholder base. The underlying valuation for the Group and now the proposed offer of 101p, do not reflect these strengths, its strong cash flow profile or the future profit potential for Darty. The proposed offer for Darty significantly undervalues the group. The structure of the proposed offer does not deliver fair value to all shareholders. It also precludes Darty shareholders from benefiting in line with Fnac shareholders any future cost or revenue synergies. We see a higher price, a full or partial cash alternative and even possibly a dual London listing as some of the remedies for us to alter our view that this deal is not in the interests of all shareholders Hard seltzer is an alcoholic beverage containing sparkling water, alcohol and natural fruit flavours. Kantar data cited by the report also found that more than 1.5m litres of hard seltzer were sold in the UK in the 12 months to 20 November 2020. Since January 2020, the category’s volume grew by 1,087% to 1.57m litres. The report said that the IWSR predicts a UK compound annual growth rate of 71% from 2019 to 2024.
New beverage brand Drty has launched a 4% ABV ‘zero-carb’ hard seltzer in two flavours, as it looks to bring the drinks trend to the UK. The term ‘hard seltzer’ has never sat easily with UK consumers. And what should’ve arguably been a pivotal moment for the category in 2020, as it rode the wave across the Atlantic, was eclipsed by a global pandemic. The London-based brand refers to the spike in popularity that the hard seltzer category has seen in the US over the past few years and aims to catalyse the trend in the UK. According to Google Trends data, the top five trending countries for the category are the US, Norway, Ireland, Canada and the UK. Studio Juice – the brand agency used by Camden Town Brewery, Moju, Karma Drinks and Momo Kombucha – were responsible for the refresh.Drty’s new branding, created in collaboration with brand agency Studio Juice, will role out through all sales channels in the coming weeks. And as part of the brand shake-up, he also says Drty’s White Citrus has been rebadged to Lime Crush, “which is much easier to understand”. Since the first hard seltzer brands started launching in the UK in 2019, there has been a rush of entrants, from some of the largest multinationals – AB Inbev, Coca Cola, White Claw, and Kopparberg – to small independents and start-ups, such as DRTY, Good One, Served. It also includes commentary and predictions from industry and category experts, including Waitrose buyer John Vine, consumer insights director alcohol at Kantar Worldpanel Tom Mallett, and CGA Strategy’s Tom Mulcauley.
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