DIA shareholder group seeks alternative takeover offer - report (translated)
07 FEB 2019
A group of Distribuidora Internacional de Alimentación [BME: DIA] (DIA) shareholders have agreed to syndicate their shares and seek an alternative takeover offer for the Spanish supermarket chain, Expansion reported, citing financial sources.
Spanish entrepreneurs, Pedro and Pablo Gómez-Pablos, and French investor, Gregoire Bontoux Halley, said on 6 February that they had syndicated their stock — totalling a 3.25% stake in DIA — which they expect to increase via acquisitions and by adding other shareholders to the agreement, according to the report.
The report said the three investors are analysing an alternative offer to the EUR 0.67 per share bid tabled by LetterOne, which holds 29% of DIA. Discussions are being held with potential advisers to the transaction, the article added.
The shareholders' intention would be to finance the offer with their own funds and then recapitalise the company, the report said. But instead of a capital increase, they would seek a participative loan, which would prevent shareholders from having to make a further contribution or seeing their stakes diluted, it added.
The loan would amount to EUR 600m, the Spanish-language paper said.