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Mobly Faces Hostile Takeover As Dubrule Family Seeks Control At Deep Discount
(MENAFN- The Rio Times) Mobly, a leading Brazilian online furniture retailer, has received a hostile takeover bid from Regain Participações and Paul Jean Marie Dubrule, a founder of Tok&Stok.
The offer, disclosed in a company filing on April 15, proposes to buy up to 100% of Mobly's shares at R$ 0.68 each. This price stands 31% below the previous day's closing price of R$ 0.99 and over 95% below Mobly's 2021 IPO price of R$ 21.
The Dubrule family, who lost control of Tok&Stok after Mobly's acquisition in late 2024, now seeks to regain influence. They argue Mobly's financial troubles justify the low offer.
Mobly has not posted a profit since its IPO and carries debts exceeding R$ 600 million. The company's share price has collapsed, reflecting investor doubts about its future.
The Dubrule family's proposal includes a R$ 100 million capital injection if the takeover succeeds. They also plan to convert R$ 56.5 million in Tok&Stok debentures into Mobly shares and capitalize R$ 68.8 million in credits against Tok&Stok.
In addition, these moves aim to stabilize Mobly's finances and restore operational confidence. Mobly's board and key shareholders have rejected the offer, calling it unviable.
Mobly Faces Hostile Takeover Bid Amid Shareholder Disputes
They point out the bid's 51% discount to the company's book value of R$ 3.87 per share as of September 2024. Shareholders holding 40.6% of Mobly's capital have already pledged not to sell at the offered price.
The board also opposes removing the“poison pill” clause, which protects minority shareholders from hostile takeovers. The dispute follows Mobly's acquisition of Tok&Stok from SPX, which created a group with R$ 1.6 billion in annual revenue.
The Dubrule family opposed the merger, claiming Tok&Stok could recover independently. Now, they seek to leverage Mobly's weakened position to regain control.
This takeover attempt highlights the risks of aggressive expansion and high leverage in Brazil's retail sector. The outcome will shape the future of both Mobly and Tok&Stok. Shareholders must weigh the value of independence against the promise of new capital.
The offer, disclosed in a company filing on April 15, proposes to buy up to 100% of Mobly's shares at R$ 0.68 each. This price stands 31% below the previous day's closing price of R$ 0.99 and over 95% below Mobly's 2021 IPO price of R$ 21.
The Dubrule family, who lost control of Tok&Stok after Mobly's acquisition in late 2024, now seeks to regain influence. They argue Mobly's financial troubles justify the low offer.
Mobly has not posted a profit since its IPO and carries debts exceeding R$ 600 million. The company's share price has collapsed, reflecting investor doubts about its future.
The Dubrule family's proposal includes a R$ 100 million capital injection if the takeover succeeds. They also plan to convert R$ 56.5 million in Tok&Stok debentures into Mobly shares and capitalize R$ 68.8 million in credits against Tok&Stok.
In addition, these moves aim to stabilize Mobly's finances and restore operational confidence. Mobly's board and key shareholders have rejected the offer, calling it unviable.
Mobly Faces Hostile Takeover Bid Amid Shareholder Disputes
They point out the bid's 51% discount to the company's book value of R$ 3.87 per share as of September 2024. Shareholders holding 40.6% of Mobly's capital have already pledged not to sell at the offered price.
The board also opposes removing the“poison pill” clause, which protects minority shareholders from hostile takeovers. The dispute follows Mobly's acquisition of Tok&Stok from SPX, which created a group with R$ 1.6 billion in annual revenue.
The Dubrule family opposed the merger, claiming Tok&Stok could recover independently. Now, they seek to leverage Mobly's weakened position to regain control.
This takeover attempt highlights the risks of aggressive expansion and high leverage in Brazil's retail sector. The outcome will shape the future of both Mobly and Tok&Stok. Shareholders must weigh the value of independence against the promise of new capital.
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