Casino's Strategic Move for Cnova Shares
Casino Guichard-Perrachon S.A. is taking a significant step in its corporate strategy by initiating statutory buyout proceedings to acquire all issued shares in Cnova N.V. This move, compliant with Article 2:92a of the Dutch Civil Code, involves acquiring the remaining shares held by minority shareholders.
Details of the Buyout Proceedings
Recently, Casino formally requested the Enterprise Chamber of the Amsterdam Court of Appeal to facilitate this buyout. The proceedings stem from a prior ruling regarding compensation exemptions for certain shareholders. Casino, which already holds approximately 98.83% of Cnova's shares, is now seeking to obtain the remaining 1.17% or about 4 million shares.
Buyout Price and Valuation Confirmation
The buyout price has been set at EUR 0.09 per share. This valuation has been confirmed by Eight Advisory, a valuation expert involved in the process. Additionally, the Enterprise Chamber may evaluate and determine a higher price if deemed necessary, along with applicable statutory interest that will accrue from a specific date.
Engagement with Minority Shareholders
As part of the proceedings, Casino has delivered summons to the minority shareholders informing them of the buyout decision. They are also given access to free copies of the writ through the company's Dutch counsel, providing transparency and engagement with those directly affected by this initiative.
Potential Delisting from Euronext Paris
If successful, this buyout could lead to Cnova’s shares being delisted from Euronext Paris. This decision will depend on the outcome of the ongoing legal proceedings and the timing of associated operations. Casino commits to keeping shareholders regularly updated throughout this process.
Investor and Press Contacts
For any inquiries related to the buyout process or general investor relations, interested parties are encouraged to reach out to Charlotte Izabel or the dedicated communications team at Casino. They are available to provide detailed information and answer questions regarding the proceedings.
Frequently Asked Questions
What is the purpose of the statutory buyout proceedings initiated by Casino?
The purpose is to acquire the remaining shares in Cnova from minority shareholders, consolidating ownership under Casino.
What is the buyout price offered by Casino?
The buyout price is set at EUR 0.09 per share, with the possibility of adjustment based on the Enterprise Chamber's review.
How many shares are subject to the buyout proceedings?
Approximately 4,034,902 shares, which represent 1.17% of Cnova’s total share capital, are subject to the buyout.
Will Cnova be delisted from Euronext Paris?
Yes, if the buyout is finalized successfully, Casino plans to request the delisting of Cnova from Euronext Paris.
Who can I contact for more information about the buyout?
For inquiries, you can contact Charlotte Izabel at Casino or the corporate communications team.