Following today’s announcement by Cnova N.V.1 (“Cnova”) and Via Varejo SA (“Via Varejo”), entities of the Casino Group, that they have entered into a binding agreement governing the reorganization of Cnova’s Brazilian subsidiary, Cnova Brazil, within Via Varejo (the “Reorganization”), Casino, Guichard-Perrachon is affirming its intention, previously announced on May 12, 2016, to launch a voluntary cash tender offer for any and all outstanding Cnova common shares at an offer price of US$5.50 (and an offer price of €4.962), following and subject to the completion of the Reorganization, which is expected to occur during the fourth quarter of 2016.
The offer price represents an 82% premium to the closing price for Cnova shares on April 27, 2016 (US$3.03), the last trading day prior to initial public reports of the potential offer.
