UK confectionery and snacks maker Zetar has accepted a £43m offer from German food group Zertus.

The deal values Zetar at 297p a share, 26% above its Thursday closing price on the Alternative Investment Market.

The acquisition would give Zertus, which was founded in 1826, its first presence in the UK. Zertus said Zetar would be able to accelerate its domestic and international expansion plans under its new ownership.

Zetar said it had been unable to fulfil its own acquisition ambitions because of difficulties accessing finance and its own share price performance. The company said the bid from Zertus was compelling because it represented a significant premium on its share price and guaranteed employment rights for management and staff.

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