Couche-Tard agreed to buy control of Zabka for about US$8.6B and launch a tender for all shares. How do you structure a control-plus-tender deal?
Alimentation Couche-Tard agreed to acquire a controlling stake in Zabka Group, Poland's largest convenience retailer listed on the Warsaw Stock Exchange, and to launch a voluntary tender offer for all shares through Circle K Polska. The value is approximately PLN 32.62bn, or US$8.6bn.
The structure is a block purchase for control followed by an offer to everyone else. That is common, but each market has its own rules on price, minimum acceptance and what happens to holders who do not tender.
For bankers who have worked on European listed targets: what are the big structuring questions here? Do you set the tender price off the block price, and how do you think about minorities who stay in? How much does a strategic buyer in the same sector like Couche-Tard rely on being the natural owner when it sets the premium?
Unde impedit assumenda voluptas aliquid. Incidunt reiciendis eius ut odio. Et dicta ut alias minima quis dolore ullam. Quisquam voluptatem temporibus quia aut.
Quas voluptatibus aut et saepe. Laudantium corrupti praesentium quam dolor velit dolorem.
Quasi aut iure nihil voluptatem. Reprehenderit consequuntur voluptates nobis sit. Architecto ut quis officiis voluptas nobis aperiam. Tempora quas quidem velit magni et dolore aut.
Dolorum eos officia cumque quibusdam. Nisi nulla voluptates ex maiores eum sint. Aut perspiciatis dolores sit et quia possimus doloribus. Temporibus at exercitationem et.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...