Belgian retailer Delhaize has received approval to squeeze-out the minority shareholders of its Greek subsidiary Alfa Beta.
The Hellenic Capital Market Commission (CMC) approved the squeeze-out of the minority shareholders at EUR35.73 (US$45.72) per share on 8 July.
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Delned launched a voluntary public offering for all outstanding shares in Alfa Beta not held by it on 12 March. The information circular was approved by the CMC on 9 April.
The following month, the retailer requested the CMC’s approval for the squeeze-out, as it held more than 90% of the total voting rights in Alfa Beta.
The last date of trading of Alfa Beta’ shares is fixed at 30 July and settlement is planned for 9 August.
As of today (15 July), Delhaize around 90.9% of the total shares of Alfa Beta.
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By GlobalDataUpon reaching 95% of the voting rights in Alfa Beta, Delhaize intends to initiate the process to delist Alfa Beta from the Athens Exchange.
