BELGIUM: Macintosh wins approval for Brantano takeover
Macintosh Retail Group is poised to take control of Belgium's Brantano footwear chain after securing 95.5% of the company's share capital.
The Dutch non-food retail group launched a bid for Brantano in October last year, offering EUR55 (US$81.24) per share and quickly securing approval from the company's major shareholders.
Macintosh said that 93.9% of all Brantano shares had now been tendered, raising its stake in the company to 95.5%, well above the 85% threshold needed for the takeover to proceed.
Now Macintosh's Belgian subsidiary Sumi will proceed with the offer for Brantano, also launching a squeeze-out bid for the remaining shares, which will close on 22 January, based on the same per-share offer price of EUR55.
Macintosh has indicated that Brantano will operate as an independent subsidiary of the company, with its current management team remaining in place. The company will be delisted from the Euronext Brussels exchange in the first half of 2008.
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