Brussels, May 18, 2009 - Delhaize Group, the Belgian international food retailer, announced today that it has launched a voluntary public tender offer of EUR 30.5 for all of the common registered shares of Delhaize Group's Greek subsidiary "Alfa-Beta" Vassilopoulos S.A. (Alfa-Beta), which are not yet held by any of the consolidated companies of Delhaize Group (Tender Offer).
"The proposed transaction underlines our Group's commitment to Alfa-Beta, which we have fully supported in its successful growth in Greece since we became Alfa-Beta's principal shareholder in 1992", said Pierre-Olivier Beckers, President and CEO of Delhaize Group. "The offer includes an attractive cash premium for the minority shareholders of Alfa-Beta for a stock with very limited traded volume. Following the tender offer, Delhaize Group intends to operate Alfa-Beta with no major changes to its current business model or strategy."
The shares of Alfa-Beta are listed and admitted to trading on the Big Capitalization Market of the Athens Exchange (BASIK). As of May 18, 2009, Delhaize Group owns 8 310 614 of Alfa-Beta's common registered shares, or approximately 65.27% of the total outstanding share capital, through its wholly owned Dutch subsidiary Delhaize "The Lion" Nederland B.V. (Delned). Delned is offering to acquire the remaining 4 422 106 common registered shares, representing approximately 34.73% of the total outstanding share capital and voting rights in Alfa-Beta as of that date.
The offer price per validly tendered share will be EUR 30.5, representing a premium of EUR 6.02 compared to the volume weighted average closing stock market price (VWAP) of the last 3 months and a premium of EUR 4.55 compared to the VWAP of the last 6 months.
Delned has submitted an information circular for approval to the Hellenic Capital Market Commission (CMC). Following a review and approval period of the CMC, the information circular will be published and the acceptance period of the Tender Offer will begin during which Alfa-Beta's shareholders may tender their shares. Delned intends to proceed with a right of squeeze-out to acquire any remaining Alfa-Beta shares if Delned's interest in Alfa-Beta reaches at least 90% of the voting rights. Upon reaching 95% of the voting rights in Alfa-Beta, Delned plans to initiate the process for delisting Alfa-Beta's shares from the Athens Exchange.
Alfa-Beta is a Greek food retail company which was established in 1969. At the end of the first quarter of 2009, Alfa-Beta's sales network consisted of 199 stores (of which 151 company-operated, 38 affiliated stores and 10 Cash-and-Carry stores). In 2008, Alfa-Beta's consolidated revenues amounted to approximately EUR 1 337 million and its net consolidated profit to approximately EUR 32.7 million. At the end of 2008, Alfa-Beta employed 7 612 people. Alfa-Beta has been listed on the Athens Exchange (BASIK) since 1990. Delhaize Group acquired approximately 45.42% of the capital of Alfa-Beta in 1992, and has bought shares in the open market since then to reach an interest of approximately 65.27% of the total Alfa-Beta's shares today.