Belgian retailer Delhaize has launched a tender offer for the shares it does not already hold in Greek subsidiary Alfa Beta.

The company, which launched the voluntary public tender through its wholly-owned Dutch subsidiary Delhaize The Lion Nederland, proposed a tender price of EUR35.73.

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The price is equal to the volume weighted average price of the last six months and represents a premium of EUR1.73 above its last tender price offered in 2009.

Delhaize currently holds over 90% of Alfa Beta shares.

At the end of the tender period, Delhaize said that it will exercise the “squeeze out” right to acquire any remaining shares not tendered.

Unon reaching 95% of volting rights, Delhaize will delist Alfa Beta from the Athens Exchange.

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