By Inti Landauro
PARIS-- French retailer Groupe Casino SA (CO.FR) Tuesday opened a cash tender offer for all the shares in its Nasdaq-listed, online retailer Cnova NV (CNV) that are held in the U.S.
Casino offered to pay $5.50 a share, a small premium to the stock's most recent closing price of $5.48.
The French retailer and its Latin American units already own a controlling stake in Cnova and expect to delist the unit if they end up with more than 95% of the outstanding shares.
Through the operation, due to close on Jan. 25, Casino intends to simplify its shareholder structure.
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(END) Dow Jones Newswires
December 27, 2016 04:20 ET (09:20 GMT)
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