Lactalis Group Launches Bid For Remaining Parmalat Shares
French diary giant Lactalis Group has announced a voluntary tender offer for the remaining outstanding shares of its Italian subsidiary Parmalat at a price of €2.80 per share.
The offer price implies a premium higher than 11% on the average official price over the last month, and almost 15% on the last three-month average.
The Lactalis Group already owns 87.74% of Parmalat and the offer is aimed at delisting of the Collecchio-based company from the Milan Stock Exchange.
Lactalis Group claims it intends to 'provide Parmalat with a new dynamic, which can be more easily and effectively achieved in the long-term without recourse to the stock market'.
The offer regards a total of 227,419,208 ordinary shares, representing 12.26% of the share capital of Parmalat. The offer also includes the ordinary shares that may be issued, as well as those that may be issued to serve the exercise of the '2016-2020 Parmalat Common Share Warrants'.
The deal will be conducted by Sofil, a vehicle through which Lactalis Group controls Parmalat.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.