SLOVENIA: Agrokor lowers bid for Balkans grocer Mercator
Agrokor "lowers offer" for Mercator
Agrokor has offered to pay EUR86 (US$120) per share, down from a previous offer of EUR120 a share, Pivovarna Lasko, one of Mercator's shareholders, indicated. The offer values Mercator at EUR323.8m.
Sovenian daily Finance reported that, under the new terms, Agrokor would also boost Mercator's capital by EUR225m, including EUR200m to repay its debt. Agrokor did not respond to requests for comment.
Last June, Agrokor signed a deal to buy the 53.1% majority stake in Mercator held by a consortium of 12 local firms and banks.
A condition for the offer was the completion of a debt restructuring. Originally, Mercator's owners had agreed to finalise this process by the end of January. However, Agrokor has extended this deadline to 2 April.
A spokesperson for Mercator told just-food the deadline for the transaction to close has also been extended. "The deadline for closing the bidding process has been prolonged until 30th June 2014."
The move is the fifth time Agrokor has sought to buy its competitor Mercator, which has stores across the Balkans, including in Croatia. When the transaction completes, it will create one of the largest retail companies in Central and Eastern Europe, with annual revenue of around EUR7bn.
In the second half of 2012 Mercator-S plans to invest more than €30 million in order to open new hypermarkets in Serbia. In May 2012 it also invested €12 million in the reconstruction of Mercator Cent...
In comparison to the previous four years of the review period, growth of current value sales in 2013 was significant, with 1% positive growth compared to negative growth since 2009. However, this grow...
Grocery retailers in Bosnia-Herzegovina returned to growth in terms of selling space and retail sales during 2013. As weak as the economy was in 2012, it was not the main reason for the decline of gro...
Although a significant decline in sales in 2009 and 2010 was halted in 2011-2012, growth was modest with the possibility of a backlash if the economy takes a turn for the worse. A 1% increase in curre...
The most important influence on grocery retailers in Slovenia in 2012 was the unstable economic situation. As a result, consumer disposable incomes fell, changing the structure of the industry. Consum...
One of the most notable new directions of the largest grocery retailers in Slovenia in 2012/2013 is opening small convenience stores in the city centres called “city format stores”. They are located i...
Grocery retailers in Serbia is a category which is still experiencing tough times due to the ongoing economic crisis. During 2013, the situation in the category remained very similar the situation dur...
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global ice cream market during March 2014. Summa...
- Analysis: Is Heinz, Kraft merger "a growth story"?
- M&A Watch: Who could be on 3G Capital's radar?
- The challenges awaiting ConAgra's new CEO
- Focus: Can Mars gain share in Indian chocolate?
- Viewpoint: Faber-led Danone gets realistic
- UPDATE: Heinz, Kraft strike merger agreement
- Fatal explosion at French desserts firm Senagral
- Kraft "in buyout talks" with Heinz owner 3G
- Infographic: Heinz, Kraft unveil combined business
- Buffett: Kraft Heinz to withstand health focus