Magnum Ice Cream (MICC) resale filing: Unilever-linked 121.6M shares
The Magnum Ice Cream Company N.V. is registering up to 121,604,413 ordinary shares for resale by selling securityholders. These shares were registered pursuant to the Registration Rights Agreement dated October 1, 2025 and represent approximately 19.86% of the Company’s outstanding Ordinary Shares. The Company will not receive any proceeds from sales by the selling securityholders. Shares outstanding were 612,259,739 as of March 30, 2026. The prospectus covers resales on a delayed or continuous basis across multiple markets where the shares are listed and describes potential distribution methods.
Positive
- None.
Negative
- None.
Insights
Resale registration signals a planned share overhang from Unilever-related holders.
The filing registers 121,604,413 Ordinary Shares for resale by selling securityholders under the Registration Rights Agreement dated October 1, 2025. These shares equal 19.86% of issued capital and could increase market supply if sold into public markets.
Impact depends on selling pace and market absorption; timing and method are determined by the selling holders and may include block trades, at-the-market programs, or negotiated placements. Subsequent prospectus supplements will disclose any underwriter arrangements and transaction terms.
Filing reflects post-demerger mechanics and related-party resale rights, with no issuer proceeds.
The prospectus ties the resale to the Demerger and the Registration Rights Agreement with Unilever, and explicitly states the Company will not receive proceeds from these resales. It also discloses related acquisitions and financing events completed in 2025–2026.
Key items to watch in future filings include any disclosures of selling schedules, underwriting arrangements, and whether sales are effected under Rule 144 or Rule 415 programs; tax withholding and cross-border distribution mechanics may affect net proceeds to selling holders.
Key Figures
Key Terms
Registration Rights Agreement regulatory
Demerger Dividend corporate
at-the-market market
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is The Magnum Ice Cream Company (MICC) registering for resale?
Will Magnum (MICC) receive proceeds from the resale of the registered shares?
How many ordinary shares did MICC have outstanding as of March 30, 2026?
Are there limits on how the selling securityholders may sell MICC shares?
UNDER
THE SECURITIES ACT OF 1933
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The Netherlands
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2024
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Not Applicable
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number) |
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1017 BK Amsterdam
The Netherlands
+31 61 158 5067
28 Liberty Street
New York, NY 10005
(212) 894-8940
Skadden, Arps, Slate, Meagher & Flom (UK) LLP
22 Bishopsgate, London EC2N 4BQ
United Kingdom
+44 (20) 7519 7000
From time to time after this Registration Statement becomes effective.
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ABOUT THIS PROSPECTUS
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| | | | ii | | |
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
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| | | | ii | | |
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MARKET AND INDUSTRY DATA
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USE OF CERTAIN TERMS
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PROSPECTUS SUMMARY
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| | | | 1 | | |
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THE OFFERING
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| | | | 4 | | |
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RISK FACTORS
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| | | | 5 | | |
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USE OF PROCEEDS
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DIVIDEND POLICY
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CAPITALIZATION
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| | | | 11 | | |
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PRINCIPAL SHAREHOLDERS
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| | | | 13 | | |
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SELLING SECURITYHOLDERS
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| | | | 14 | | |
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DESCRIPTION OF SHARE CAPITAL
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| | | | 15 | | |
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TAXATION
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| | | | 16 | | |
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PLAN OF DISTRIBUTION
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| | | | 22 | | |
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EXPENSES RELATED TO THIS OFFERING
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| | | | 25 | | |
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ENFORCEABILITY OF CIVIL LIABILITIES
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| | | | 26 | | |
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LEGAL MATTERS
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| | | | 27 | | |
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EXPERTS
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| | | | 28 | | |
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INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
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| | | | 29 | | |
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WHERE YOU CAN FIND ADDITIONAL INFORMATION
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| | “2025 Annual Report” | | | the Company’s annual report for the fiscal year ended December 31, 2025, filed with the SEC on March 18, 2026, incorporated by reference in this prospectus; | |
| | “Admission” | | | the admission of all of the shares in the Company to listing and trading on the NYSE, which occurred on December 8, 2025; | |
| | “Articles of Association” | | | the Company’s Articles of Association, as in effect and amended as of December 1, 2025; | |
| | “Board” | | | the board of directors of the Company; | |
| | “Demerger” | | | the demerger of the Ice Cream Business which took effect on December 6, 2025, effected by way of the Demerger Dividend satisfied by the transfer of the entire issued share capital of Magnum Holdco from Unilever to the Company in consideration for the issuance by the Company of Ordinary Shares to each Unilever Shareholder and Unilever ADS Holder at the Record Time in proportion to their holding; | |
| | “Demerger Agreement” | | | the demerger agreement between the Company, Magnum Holdco and Unilever, dated October 1, 2025; | |
| | “Directors” | | | the directors of the Company (including, where relevant, Josh Frank as a prospective director of the Company); | |
| | “EEA” | | | the European Economic Area; | |
| | “EU” | | | the European Union; | |
| | “Exchange Act” | | | the U.S. Securities Exchange Act of 1934; | |
| | “FCA” | | | the UK Financial Conduct Authority; | |
| | “Group” | | | (i) prior to July 1, 2025 (being the principal date for completion of the Reorganization), the Ice Cream Business; (ii) from July 1, 2025, and prior to the Demerger, the Magnum Holdco Group; and (iii) following the Demerger and Admission, the Company and its consolidated | |
| | | | | subsidiaries. References to a “Group Company” mean any one member of the Group, in each case as the context may require; | |
| | “Ice Cream Business” | | |
the business of the Group separated from the Unilever Group with respect to:
•
the researching and developing of ice cream products;
•
the franchising of operations related to the marketing, distribution and sale of ice cream products;
•
the marketing, distributing and selling of ice cream products;
•
the ownership, maintenance, sale, distribution, lending and/or leasing of ice cream freezer cabinets; and
•
the manufacturing, procuring, producing, packaging, packing and storage of ice cream products;
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| | “IFRS” | | | International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB); | |
| | “Magnum Holdco” | | | The Magnum Ice Cream Company HoldCo Netherlands B.V.; | |
| | “Magnum Holdco Group” | | | Magnum Holdco, Magnum ICC US HoldCo, LLC and each of their respective subsidiaries from time to time and PT Unilever Indonesia Tbk (in respect of the Ice Cream Business operated by it); | |
| | “Record Time” | | | December 5, 2025; | |
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“Registration Rights Agreement”
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| | the Registration Rights Agreement entered into between Unilever and Magnum, dated October 1, 2025, in connection with the Demerger; | |
| | “Reorganization” | | | the legal separation of the Ice Cream Business achieved through: (i) the incorporation and organization of the Group Companies to form a stand-alone group of companies within the wider Unilever Group; and (ii) the transfer by the Unilever Group of those assets (including intellectual property rights) and liabilities that comprise the Ice Cream Business to the Group (as further described herein); | |
| | “SEC” | | | the US Securities and Exchange Commission; | |
| | “Securities Act” | | | the U.S. Securities Act of 1933; | |
| | “UK Listing Rules” | | | the UK listing rules made by the Financial Conduct Authority under Part VI of the Financial Services and Markets Act 2000 (as amended) and the UK Listing Rules Instrument 2024 (FCA 2024/23), as amended; | |
| | “Unilever” | | | Unilever PLC, a public limited company incorporated and registered in England and Wales with registration number 00041424 and its registered office address at Port Sunlight, Wirral, Merseyside CH62 4ZD; | |
| | “Unilever ADS Holder” | | | a holder of Unilever ADSs as at the Record Time; | |
| | “Unilever ADS Program” | | | the American Depositary Share program operated by Unilever in respect of certain Unilever Shares from time to time; | |
| | “Unilever Group” | | | Unilever and its consolidated subsidiaries; | |
| | “Unilever Shareholder” | | | a holder of Unilever Shares who is registered on the Unilever register of members at the Record Time, but excluding (i) Unilever itself in respect of Unilever shares held in treasury and (ii) Deutsche Bank Trust Company Americas in its capacity as depositary bank under the Unilever ADS Program; | |
| | “Unilever Shares” | | | ordinary shares of Unilever, 3.5 pence per share; | |
| | “United Kingdom” or “UK” | | | the United Kingdom of Great Britain and Northern Ireland; and | |
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“United States”, “US” or “U.S.”
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| | the United States of America. | |
Shares
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As of December 31, 2025
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(€ million)
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Cash and cash equivalents
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| | | | 441 | | |
| Indebtedness(1) | | | | | | | |
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Bonds and other loans(2)
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| | | | 3,077 | | |
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Bank loans and overdrafts(3)
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| | | | 35 | | |
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Lease liabilities
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| | | | 143 | | |
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Derivatives
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| | | | 28 | | |
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Other financial liabilities(4)
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| | | | 133 | | |
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Total indebtedness
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| | | | 3,416 | | |
| Equity | | | | | | | |
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Share capital
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| | | | 2,143 | | |
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Share premium
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| | | | 5,798 | | |
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Retained earnings
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| | | | (172) | | |
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Other reserves(5)
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| | | | (7,144) | | |
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Total shareholders’ equity
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| | | | 625 | | |
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Total capitalization(6)
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| | | | 4,041 | | |
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Assumed public offering price per ordinary share
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| | | $ | 14.65 | | | | | € | 12.74 | | |
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Net tangible book value per ordinary share at December 31, 2025
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| | | $ | (1.14) | | | | | € | (0.99) | | |
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Dilution per ordinary share to new investors
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| | | $ | 15.79 | | | | | € | 13.73 | | |
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Ordinary Shares
Beneficially Owned |
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Number
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%
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| Principal Shareholders | | | | | | | | | | | | | |
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Unilever PLC(1)
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| | | | 121,604,413 | | | | | | 19.86 | | |
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Blackrock, Inc.
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| | | | 27,288,445 | | | | | | 4.46 | | |
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Goldman Sachs Group Inc.
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| | | | 23,266,931 | | | | | | 3.80 | | |
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Trian Fund Management, L.P.
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| | | | 22,618,000 | | | | | | 3.69 | | |
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FIL Limited
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| | | | 19,894,021 | | | | | | 3.25 | | |
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Allan & Gill Gray Foundation
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| | | | 19,674,251 | | | | | | 3.21 | | |
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First Eagle Management Investment LLC
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| | | | 19,207,879 | | | | | | 3.14 | | |
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Barclays Plc
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| | | | 18,405,686 | | | | | | 3.01 | | |
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Bank of America Corporation
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| | | | 18,581,094 | | | | | | 3.03 | | |
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Ordinary Shares
Beneficially Owned |
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Number
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%
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| Directors and Executive Officers | | | | ||||||||||
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Abhijit Bhattacharya
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| | | | 264,000 | | | | | | * | | |
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Melissa Bethell
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| | | | 7,750 | | | | | | * | | |
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Stefan Bomhard(1)
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| | | | 11,655 | | | | | | * | | |
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Stacey Cartwright
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| | | | 3,400 | | | | | | * | | |
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Reginaldo Ecclissato
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| | | | 20,027 | | | | | | * | | |
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Josh Frank
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| | | | 5,700 | | | | | | * | | |
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René Hooft Graafland
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| | | | 35,500 | | | | | | * | | |
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Anja Mutsaers
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| | | | 19,500 | | | | | | * | | |
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Peter Ter Kulve(2)
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| | | | 503,784 | | | | | | * | | |
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Jean-François van Boxmeer
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| | | | 76,200 | | | | | | * | | |
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All directors and executive officers as a group
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| | | | 947,516 | | | | | | * | | |
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Securities Owned
Before the Offering |
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Maximum
Number of Securities Being Offered |
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Securities Owned
After the Offering(4) |
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Name of Selling Securityholder
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Ordinary
Shares(3) |
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%
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Ordinary
Shares |
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Ordinary
Shares |
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%
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Unilever International Holdings B.V.(1)
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| | | | 121,533,558 | | | | | | 19.85 | | | | | | 121,533,558 | | | | | | — | | | | | | — | | |
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Unilever United States Inc.(2)
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| | | | 70,855 | | | | | | 0.01 | | | | | | 70,855 | | | | | | — | | | | | | — | | |
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SEC Registration Fee
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| | | $ | 245,773.89 | | |
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Printing Expenses
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| | | $ | 7,520 | | |
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Legal Fees and Expenses
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| | | $ | 245,000.00 | | |
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Accounting Fees and Expenses
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| | | $ | 124,400 | | |
| | Total | | | | $ | 622,693.89 | | |
Attention: Investor Relations
Reguliersdwarsstraat 63
1017 BK Amsterdam
The Netherlands
Telephone: +31 61 158 5067
Email: investor.relations-tmicc@magnumicecream.com.
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Exhibit No.
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Description
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| | 3.1 | | |
English translation of Articles of Association (incorporated by reference to Exhibit 1.1 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 3.2 | | | English translation of Form of Deed of Conversion and Amendment to Articles of Association (incorporated by reference to Exhibit 1.2 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 5.1* | | |
Opinion of Clifford Chance LLP, advisers as to Dutch law.
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| | 10.1 | | | Global Transitional Services Agreement between Magnum ICC Global Services B.V. and Unilever Europe Business Center B.V., dated August 15, 2025 (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.2 | | | Demerger Agreement between the Company, Magnum Holdco and Unilever, dated October 1, 2025 (incorporated by reference to Exhibit 4.2 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.3 | | | Tax Matters Agreement between the Company and Unilever, dated October 1, 2025 (incorporated by reference to Exhibit 4.3 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.4 | | | Term Loan Facilities Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated August 28, 2025 (incorporated by reference to Exhibit 4.4 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.5 | | | Revolving Credit Facility Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated August 28, 2025 (incorporated by reference to Exhibit 4.5 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.6 | | | Registration Rights Agreement by and between the Company and Unilever PLC, dated October 1, 2025 (incorporated by reference to Exhibit 4.6 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026) | |
| | 10.7† | | |
Chief Executive Officer Service Agreement, dated December 2, 2025 (incorporated by reference to Exhibit 4.7 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 10.8† | | |
Chief Financial Officer Service Agreement, dated December 2, 2025 (incorporated by reference to Exhibit 4.8 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 10.9† | | |
Long Term Incentive Plan (incorporated by reference to Exhibit 4.9 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 10.10† | | |
Foundation Plan (incorporated by reference to Exhibit 4.10 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 21.1 | | |
List of Subsidiaries (incorporated by reference to Exhibit 8.1 to the Annual Report on Form 20-F filed with the SEC on March 18, 2026)
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| | 23.1* | | |
Consent of KPMG Accountants N.V., Independent Registered Public Accounting Firm
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| | 23.2* | | |
Consent of KPMG LLP, Independent Registered Public Accounting Firm
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| | 23.3* | | |
Consent of Clifford Chance LLP (included in Exhibit 5.1)
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| | 24.1* | | |
Power of Attorney (included on the signature page to the registration statement)
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| | 107* | | |
Filing Fee Table
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Title: Chief Legal Officer
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Signature
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Title
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/s/ Peter ter Kulve
Peter ter Kulve
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Chief Executive Officer and Director
(Principal Executive Officer) |
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/s/ Abhijit Bhattacharya
Abhijit Bhattacharya
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Chief Financial Officer and Director
(Principal Financial and Accounting Officer) |
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/s/ Jean-François van Boxmeer
Jean-François van Boxmeer
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Director
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/s/ Melissa Bethell
Melissa Bethell
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Director
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/s/ Stefan Bomhard
Stefan Bomhard
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Director
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/s/ Stacey Cartwright
Stacey Cartwright
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Director
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Signature
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Title
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/s/ Reginaldo Ecclissato
Reginaldo Ecclissato
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Director
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/s/ Josh Frank
Josh Frank
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Director
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/s/ René Hooft Graafland
René Hooft Graafland
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Director
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/s/ Anja Mutsaers
Anja Mutsaers
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Director
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Title: Authorized Representative