Agrokor Withdraws Bid for Mercator
Feb 07, 2012
On 17th October, 2011 Agrokor d.d. submitted a non-binding bid in the public invitation to tender for the purchase of 52.1% of shares of Poslovni sistem Mercator d.d. ("Mercator"), run on behalf of a consortium of key shareholders (the "Consortium") by ING Bank. Based on our non-binding bid, on 7th November, 2011 the Consortium selected us as the preferred bidder and provided us with exclusivity in negotiating the terms of the acquisition.
While we have tried to agree satisfactory terms and conditions with the Consortium for our acquisition of the 52.1% stake in Mercator during the exclusivity period, we have been unable to do so to date. The protracted course of the process so far has led us to conclude that the entire process might continue for an extended period of time and that our ability to consummate the acquisition on satisfactory terms was not assured. This, in our opinion would be harmful both for our company and for Mercator and we have therefore decided to withdraw our bid.
Accordingly, on 6th February, 2012 we terminated the exclusivity agreement with the Consortium and withdrew our non-binding bid and have thus formally withdrawn from the sale process with the Consortium.