Dutch retail giant Super De Boer has agreed to a buyout offer from competitor Jumbo, after the bid was raised to fend off Sperwer Holding.

Jumbo will pay EUR4.82 (US$7.20) per share for the retailer, which is 57% owned by French peer Groupe Casino, valuing the company at EUR552.4m.

CEO of Jumbo Frits van Eerd said the company was “pleased” that the negotiations had been successfully completed.

“Super de Boer is a nice combination with the company and Super de Boer fits very well into Jumbo’s strategy for the future. We look forward to working with Super de Boer to continue and further develop Jumbo’s formula,” Van Eerd said.

Jumbo first made a bid for the retailer in September, worth EUR4.20 a share. This was followed by a bid from Sperwer Holding of EUR4.50 a share earlier this month, backed by retail giant Ahold.

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Schuitema, which runs the C1000 chain had also been linked to a joint bid for Super de Boer with Sperwer, but instead headed to Jumbo’s corner. Schuitema agreed to snap up 80 Super de Boer outlets should Jumbo win the bid.

However, Sperwer this morning (19 October) said it was not pursuing its offer for Super de Boer, despite its strong financial position. It said an “even higher offer would not be justified” based on its due diligence investigations over the previous weeks and that it believed it had made a “good offer”.

Groupe Casino said the transaction will allow it to reduce its debt by around EUR400m, representing a “key milestone” in its EUR1bn asset disposal programme to be completed by the end of next year, designed to give the group “increased financial flexibility”.

The finalisation of the transaction is expected to complete before the end of the year.