German wine seller Hawesko's CEO Alexander Margaritoff has resigned and is set to divest his 30% stake in the company to Detlev Meyer.
With around 29.5% share in Hawesko, Meyer had offered Hawesko shareholders €40 per share, valuing the group at around €360m, Reuters reported.
Margaritoff considered this deal was too low and looked for an alternative buyer for the company. However, Margaritof could not ink a deal, according to the news agency.
Hawesko said that Margaritoff will step down on 30 June due to differences with Meyer on the company's future strategy.
Upon completion of the acquisition, Margaritoff will discuss the company's strategy with management and the supervisory board.
Hawesko sells wines, champagnes, and other alcoholic drinks to consumers and resellers in Germany and internationally.
It operates in three segments: Specialist Wine-shop Retail, Wholesale/Distribution, and Mail Order. The company also operates a network of specialist wine shops under the Jacques'Wein-Depot name.
Hawesko operates 284 Jacques' Wein-Depots, including 281 in Germany and 3 in Austria.
Image: Hawesko sells wines, champagnes, and other alcoholic drinks. Photo: courtesy of Danilo Rizzuti / freedigitalphotos.
