Matas A/S acquires six associated stores and extends the trading terms of the Matas store network
Matas A/S
Company Announcement
Matas A/S acquires six associated stores and extends the trading terms of the
Matas store network
Company announcement 30/2013
Allerød, 2013-11-01 12:03 CET (GLOBE NEWSWIRE) -- Matas A/S today signed
agreements to acquire six associated stores and concurrently signed agreements
with 28 out of 29 of the remaining independent store owners to extend the
time-limited trading terms in the articles of association of the Matas store
network from 31 October 2017 to 31 October 2025 subject to certain changes as
set out in the heads of agreement of 13 June 2013.
The acquisition of the six stores is made as part of the company's long-term
strategy of continuing to expand and consolidate the Matas A/S retail store
network. CEO Terje List said: "We are very pleased that we have successfully
reached an agreement on the acquisition of these six stores which will
contribute to the continuing growth and value creation of Matas, and that we
have also extended the trading terms until 2025 which provides a longer
planning horizon for most of the remaining independent store owners."
The consideration for the acquisition of the six stores is approximately DKK 77
million subject to potential adjustments in connection with the final
calculation of the balance sheets as of the date of acquisition. The six stores
will be consolidated from 1 November 2013 and have total annual revenues in the
region of DKK 80 million.
Reference is made to company announcement no. 29/2013 concerning the extension
of the time-limited trading terms in the articles of association of the Matas
store network from 31 October 2017 to 31 October 2025 subject to certain
changes as set out in the heads of agreement of 13 June 2013.
Matas A/S