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International DIY News

Mr Bricolage shares suspended pending statement

Mr Bricolage

Shares in French home improvement retailer Mr Bricolage were suspended on Monday at the request of the company and pending the release of a statement, Euronext said on Monday.

In April 2014 Kingfisher (LSE: KGF.L - news) , Europe's No. 1 home improvement retailer, made a bid to buy Mr Bricolage to beef up its position in France, its most profitable market.

Kingfisher said it had entered exclusive negotiations with Mr Bricolage's two main shareholders to buy their shareholding for 15 euros a share subject to anti-trust clearance. It said the enterprise value of the deal was 275 million euros ($297 million).

Subsequently Kingfisher was to make a mandatory offer to buy Mr Bricolage shares held by minority shareholders.

Mr Bricolage said earlier this month that the deal with the major shareholders had been submitted to anti-trust authorities on Jan. 26 and that the clearance process was under way.

Mr Bricolage and Kingfisher could not be immediately reached for comment.

Mr Bricolage shares closed at 14.50 euros on March 20 valuing the company's stock at 150 million euros.

Source : Dominique Vidalon - Reuters

23 March 2015

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