Brussels, Belgium Delhaize Group said early Monday that it plans to buy the remaining shares of its Greek subsidiary Alfa-Beta.
Delhaize became Alfa-Beta’s principal shareholder in 1992. The chain said it will offer 30.50 euros per share, which implies an overall price of approximately 135 euros ($183 million).
“This is an attractive cash premium for minority shareholders of Alfa-Beta for a stock with a very limited trading volume,” said Pierre-Olivier Beckers, president and CEO, Delhaize Group. "Following the tender offer, Delhaize Group intends to operate Alfa-Beta with no major changes to its current business model or strategy.”
Following the announcement, Greece’s second largest retailer’s shares jumped 21% to 30.25 euros, the stock’s highest level since November, according to a company statement.