MAVA has option to sell CECAB 10.87% of Globus shares
Tuesday, March 7, 2006, 13:55
French agri-food group Centrale Cooperative Agricole Bretonne (CECAB) announced on Tuesday a correction of information published in February of an option contract it has with the Hungarian-American Enterprise Fund (MAVA) for shares of Hungarian canning company Globus Zrt. According to the correction, MAVA has an option to sell CECAB 10.87% of Globus shares, or its total holding in the company, instead of an earlier announced 11.19%.
CECAB announced on February 24, 2006 a public purchase offer at a price of Ft 460 per share for all outstanding shares of Globus. Parallel with announcing the purchase offer, CECAB signed an agreement with Globus's biggest owners to acquire all of the remaining shares after the buyout, for a price linked to Globus's cash flow, under options which extend until 2011.