With the expiration of another deadline for acceptance of its voluntary takeover bid, the EPGC accepted proposals to sell 10.6 percent of the common stock and 1.84 percent of Metro’s preferred shares. The EPGC’s share of Metro’s common stock thus rises to about 40.6 percent from 29.9 percent before the takeover bid.
Křetínský and Tkáč’s company offered EUR 8.48 per ordinary share and EUR 8.89 per preference share. However, Metro’s management described the offer as too low and advised shareholders to reject it.
Křetínský, who is also a co-owner of the Czech News Center publishing house, which also operates the economic website E15.cz, joined Tkáč in Germany in the summer of 2018. However, the effort to take over the company has not yet worked. After exceeding the 30% limit, the EPGC can now gradually increase its share without being obliged to submit an offer to all shareholders, the DPA warned.
Metro has been selling some of its divisions in recent years to focus on key wholesale activities. The company has over 770 Cash & Carry wholesalers in 26 countries, which employ over 150,000 people. The group has been represented in the Czech Republic since 1997. Its Makro Cash & Carry ČR division operates 13 wholesale centers in the Czech Republic.
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