October 4, 2019 / 5:32 AM / 10 days ago

BRIEF-Aryzta Announces Binding Offer To Sell Majority Of Its Picard Stake

Oct 4 (Reuters) - Aryzta AG:

* REG-ARYZTA AG ANNOUNCES BINDING OFFER TO SELL THE MAJORITY OF ITS PICARD STAKE FOR TOTAL CONSIDERATION OF EUR 156M

* CONSIDERATION FOR THE 43% STAKE OF EUR156M WHICH, COMBINED WITH PRIOR PICARD DIVIDEND INCOME OF EUR 91M, REPRESENTS A TOTAL OF EUR 247M

* TRANSACTION EXIT MULTIPLE OF 9.2X REPORTED EBITDA AS OF MARCH 2019

* ARYZTA RETAINS 4.5% IN PICARD, TO BE MONETISED AT A LATER STAGE

* ARYZTA’S NET PROCEEDS FROM ITS NO

* ARYZTA’S NET PROCEEDS FROM ITS NON-CORE ASSET DISPOSAL PROGRAMME REPRESENT EUR 380M INCLUDING THIS TRANSACTION.

* TRANSACTION IS EXPECTED TO CLOSE IN THE LAST QUARTER OF CALENDAR YEAR 2019. Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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