Groupe Casino : Casino Board of Directors decides on the proposal of GPA to launch an OPA on Éxito
July 24 2019 - 7:04PM
Groupe Casino : Casino Board of Directors decides on the
proposal of GPA to launch an OPA on Éxito
Paris, on July 25th, 2019
On July 24th 2019, in the context of the project
that would lead to the simplification of Casino Group's structure
in Latin America, the Board of Directors of Casino approved the
decision:
- to tender Casino's entire stake (55.3%) in Éxito to GPA's
tender offer; and
- to offer to purchase from Éxito, immediately following
completion of GPA's tender offer, Éxito's equity interest in GPA
through the French company Segisor (which itself holds 99.9% of the
voting rights and 37.3% of the economic rights of GPA), based on a
price per GPA share of 109 BRL.
This price represents a 24% premium over GPA
last 3-month Volume Weighed Average Price before June 27th 2019,
the date on which the possibility of the GPA's tender offer was
publicly announced.
On that same day, Casino also takes note of GPA
Board of Directors' decision to launch, through a wholly-owned
subsidiary, an all-cash tender offer to acquire up to 100% of Éxito
at a price per share of 18,000 COP.
This price represents a 26% premium over Éxito
last 3-month Volume Weighed Average Price before June 27th
2019.
The filing by GPA of its tender offer with the
Financial Superintendence of Colombia would be made after Éxito
will have approved, as the case may be, and pursuant to applicable
law, the documentation allowing Casino to exercise exclusive
control over Segisor and to acquire Éxito’s stake in Segisor
immediately following the completion of the tender offer.
This simplification project also includes the
migration of GPA shares to the Novo Mercado B3 listing segment,
with the conversion of preferred shares (PN) into ordinary shares
(ON) at an exchange ratio of 1:1, allowing to end the existence of
two classes of shares and giving GPA access to an extended base of
international investors.
Following completion of GPA's tender offer and
Casino's acquisition of Éxito's equity interest in Segisor, Casino
would hold 41.4% of GPA, which would itself become the controlling
shareholder of Éxito and its subsidiaries in Uruguay and
Argentina.
Casino's acquisition offer made to Éxito is to
be examined by the audit committee of Éxito.
These transactions remain subject to corporate
approvals of competent governance bodies.
ANALYST AND INVESTOR
CONTACTSRégine Gaggioli – +33 (0)1 53 65
64 17 rgaggioli@groupe-casino.fror
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTSCasino Group – Direction
of CommunicationStéphanie ABADIE -
sabadie@groupe-casino.fr - +33 (0)6 26 27 37 05
or
+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
Agence IMAGE 7Karine
ALLOUIS - +33(0)1 53 70 74 84 -
kallouis@image7.frGrégoire LUCAS - gregoire.lucas@image7.fr
Disclaimer
This press release was prepared solely for
information purposes, and should not be construed as a solicitation
or an offer to buy or sell securities or related financial
instruments. Likewise, it does not provide and should not be
treated as providing investment advice. It has no connection with
the specific investment objectives, financial situation or needs of
any receiver. No representation or warranty, either express or
implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. It should not be
regarded by recipients as a substitute for the exercise of their
own judgement. All the opinions expressed herein are subject to
change without notice.
- 2019 25 07 - PR - Casino Board of Directors decides on the
proposal of GPA to launch an OPA on Éxito
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