Groupe Casino Makes Bid To Acquire All Cnova Shares In US
France’s Groupe Casino has made an offer to acquire for cash all outstanding ordinary shares of e-commerce firm Cnova in the US.
In a statement on its website, Casino said that it was ‘offering to acquire all outstanding Cnova ordinary shares held by holders of Cnova ordinary shares resident in the United States’, for $5.50 per share.
The so-called ‘US Offer’ expires on 25 January next.
In addition, Casino has filed a concurrent offer in France, with the French Autorité des marches financiers (AMF), in a bid to acquire all remaining shares in that country.
‘ The Cnova transaction committee and Cnova board of directors fully support the Offers and recommend that holders of Cnova ordinary shares accept the Offer and tender their Cnova ordinary shares,’ Casino said in a statement.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.