Sistema makes buyout offer to Melon holders at 47.7% deal price

MOSCOW, Oct 20 (PRIME) -- Russian multi-industry holding Sistema has made a buyout offer to other shareholders of clothes producer and retailer Melon Fashion Group at a price of the holding’s deal to buy 47.7% in the company, Sistema said in a statement on Thursday.

Sistema said, “Respecting the interests of Melon Fashion Group's shareholders, we decided to make an offer to buy out the shares they own at the price of the transaction announced on October 19, 2022,” the company said.

The company added that it is ready to consolidate up to 100% of the authorized capital of Melon Fashion Group. The offer is valid until November 3.

On Wednesday, Sistema signed binding agreements to buy 47.7% in Melon Fashion Group from Swedish companies Eastnine and East Capital Holding AB and from private investors for 15.8 billion rubles.

Melon Fashion Group is one of Russia’s largest clothes retailer that manages brands like Zarina, befree, Love Republic, and Sela and operates in 181 cities of Russia, Kazakhstan, Armenia, and Belarus.

(61.5905 rubles – U.S. $1)

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