Vending

Tata Consumer Products ends bid for Coffee Day vending business

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October 24, 2022

Tata Consumer Products withdrew its plan to acquire Coffee Day Enterprises' vending machine business two years after engaging in acquisition negotiations, according to an ET Now report. Coffee Day Enterprises operated a café chain as well as a coffee vending business in India.

This marks the second time Tata Consumer Products withdrew its acquisition plan, based on a Feb. 18, 2021 Vending Times report.

Tata Consumer Products' recent decision was reportedly based on a difference of opinion on the valuation for the proposed purchase.

The acquisition proposal was delayed after the Netherlands based Rabobank petitioned the National Company Law Tribunal in 2021 to seek insolvency proceedings against Coffee Day. The tribunal dismissed the petition in March.

The acquisition negotiation, however, did not progress due to a disagreement over the acquisition's valuation.