Belgian retail group Delhaize has increased its voluntary tender offer price for Greek retailer Alfa-Beta Vassilopoulos by 11.5% to EUR34 (US$47.8) per common share, as it bids for outright ownership of the company.
Delhaize said the increased offer had been accepted by members of the Vassilopoulos family which owns around 7% of the outstanding shares, and by another “important private shareholder”, representing around 5% of the capital.
Delhaize already owns approximately 65.27% of the company, and launched its bid to acquire the remaining shares, at EUR30.50 per share, in May.
“I am very pleased that the members of the founding family of Alfa-Beta support our voluntary tender offer,” said Delhaize president and CEO Pierre-Olivier Beckers.
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“Delhaize Group has enjoyed a successful partnership with the Vassilopoulos family since our first investment in Alfa-Beta in 1992, and we are grateful for all their support over the years. We feel that the present agreement is a testimony of our common confidence in the future of Alfa-Beta.”
Charalambos Vassilopoulos said: “The tender offer confirms the longstanding partnership of the Vassilopoulos family with Delhaize Group. Delhaize Group has been a great partner for Alfa-Beta and the family since it first invested in the company in 1992. We are convinced that they will continue to support Alfa-Beta going forward, that they will preserve the unique positioning of the company in the market and respect its values and, most importantly, its associates.”
Alfa-Beta operates 199 stores in Greece and last year generated sales of EUR1.34bn (US$1.81bn).
