AMSTERDAM, October 31, 2016, 22:01 CET – Following its announcement on October 27, 2016, Cnova N.V. (NASDAQ and Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the “Company”) announces that it has today completed the reorganization of its Brazilian subsidiary, Cnova Comércio Eletrônico S.A., within Via Varejo (the “Reorganization”).
As a result of the Reorganization, the activity of Cnova is now exclusively focused on Cdiscount.
Following the Reorganization completion, Casino, Guichard-Perrachon (“Casino”), Cnova’s parent company, has confirmed to the Company that Casino will launch simultaneous tender offers in the United States and France to acquire the Cnova common shares outstanding at a price of $5.50 per share and its equivalent amount in Euros.
Casino has also indicated to Cnova that:
- Casino will file the draft information memorandum relating to the French tender offer with the Autorité des marchés financiers (“AMF”) in the second half of November 2016;
- once the AMF has granted the required approvals, Casino will launch tender offers simultaneously in the United States and in France.