The report, which was published by the press service of Lenta, states that Severgroup (the main asset is Severstal) agreed to acquire 34.44% of Lenta’s securities from Luna Inc. (its beneficiary is TPG Group). Another 7.47% structure of Mordashov will acquire from the European Bank for Reconstruction and Development.
According to the Severgroup report, the securities will be purchased at a price of $ 3.6 per depositary receipt ($ 18 per share). The total amount of the transaction with the largest shareholders will be approximately $ 729 million. The completion of the transaction depends on a number of conditions, including obtaining approval from the Federal Anti-Monopoly Service.
"We see tremendous value in businesses that contribute to improving the quality of life of people, and we believe in the significant potential of the retail market, which is now undergoing the most important stage of transformation towards satisfying the growing demands of consumers," Alexey Mordashov said in a message from the industry group.
Part of the transaction - the buyer will send a mandatory offer to the other shareholders of the retailer - it will also take place at a price of $ 3.6 per depositary receipt ($ 18 per share). Directors and management own 0.63% of Lenta, 57.22% is in free circulation.
But not all minority shareholders agree with the validity of such an assessment. At the end of the trading day, April 1, the cost of the depositary receipt on the London Stock Exchange was $ 3.38. “The price of this deal looks like an April Fool's joke. I hope that there will be a competing buyer. After all, 58% of the company's shares have not yet been sold, ”said Alexander Branis, director of Prosperity Capital Management, told RBC. According to him, Prosperity funds own 6.66% of the retailer. The fund-owned package is comparable to the share of the EBRD, but the bank, unlike Prosperity, had one seat on the company's board of directors. “We became shareholders of" Tapes "recently - since last year. We gradually increased our package, ”added Branis.
The interest of Alexei Mordashov to "Lenta" became known last week. Later, the company confirmed the information that Severgroup is indeed negotiating the purchase of the entire TPG Group and EBRD package.
TPG Group and VTB Bank became co-owners of Lenta in 2009, buying 35.4% of the retailer from its founder, Oleg Zherebtsov. In 2010, a major corporate conflict broke out between the largest shareholders, which ended in 2011 with the purchase of a 44% stake in the company from August Meyer and his partners by a consortium of VTB, TPG Group and the EBRD.
Now, Severgroup owns the largest online food retailer, Utkonos, among its retail assets. The company also showed interest in buying the share of Sergei Galitsky in Magnit.
According to the annual rating of the international consulting company Deloitte Global Powers of Retailing (compiled on the basis of data on the revenue of the previous fiscal year, in this case 2017, which ended before June 2018), Lenta is in the top 10 of the world rating of the fastest growing networks of the world, ahead of such companies as Nike, Amazon and Japanese Fast Retailing (owns the Uniqlo network). In the ranking of the 250 largest retailers of the world for the year, it has risen from 207th to 157th place.
The revenue of Lenta in 2018 increased by 13.2% to 413.6 billion rubles, while net profit decreased by 11.1% and amounted to 11.8 billion rubles.