Dia: LetterOne to launch bid for rest of shares
(CercleFinance.com) - LetterOne, an investment vehicle owned by Russian billionaire Mikhail Fridman, is set to launch a bid to buy the remaining 71% of Spanish discount retailer Dia that it does not already own.
The company announced the deal this Tuesday in a statement to Spain's banking and securities commission (CNMV).
The bid for Dia is being made at a price of 0.67 euro for each Dia share, which represents a premium of over 56%, LetterOne said in a statement.
Dia shares skyrocketed +69% to 0.72 euro on the Madrid stock market on Tuesday morning.
Note that LetterOne says that it plans to implement a thorough transformation plan for the ailing Spanish retailer.
LetterOne, which is headquartered in Luxembourg, already had a 29% stake in Dia. The holding company - which is present in the energy, technology, and health sectors - has notably invested in British health and wellness retailer Holland & Barrett.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The company announced the deal this Tuesday in a statement to Spain's banking and securities commission (CNMV).
The bid for Dia is being made at a price of 0.67 euro for each Dia share, which represents a premium of over 56%, LetterOne said in a statement.
Dia shares skyrocketed +69% to 0.72 euro on the Madrid stock market on Tuesday morning.
Note that LetterOne says that it plans to implement a thorough transformation plan for the ailing Spanish retailer.
LetterOne, which is headquartered in Luxembourg, already had a 29% stake in Dia. The holding company - which is present in the energy, technology, and health sectors - has notably invested in British health and wellness retailer Holland & Barrett.
Copyright (c) 2019 CercleFinance.com. All rights reserved.