Macintosh Retail Group to buy Scapino shoe chain

01 Feb '06

4 min read

Dutch retail group Macintosh has reached an agreement in principle with Retail Network on the proposed acquisition of shoe retailer Scapino by Macintosh Retail Group. If the relevant procedures are completed successfully and the acquisition is approved by the General Meeting of Shareholders of Macintosh Retail Group, the acquisition can be effected retroactively on February 1, 2006.

The acquisition of Scapino will make a direct positive contribution to net earnings per share of Macintosh Retail Group.

Macintosh Retail Group and PSP Holding BV (subsidiary of Retail Network) have concluded an agreement setting out the general terms and conditions on the basis of which parties are prepared in principle to effect the purchase of the shares of Scapino by Macintosh Retail Group from Retail Network per February 1, 2006.

The agreement contains conditions concerning obtaining a positive recommendation or approval from, among others, the central works councils of the parties involved, the Netherlands Competition Authority and the General Meeting of shareholders of Macintosh Retail Group NV. It also includes conditions relating to a due diligence investigation to be conducted by Macintosh Retail Group.

If the relevant procedures and the due diligence investigation are completed successfully, it is expected that a final agreement can be concluded at the end of February 2006, following which a request for approval to acquire Scapino with retroactive effect on February 1, 2006 can be made at an extraordinary general meeting of shareholders of Macintosh Retail Group to be held in mid-March 2006.

More Macintosh NV News... More Fashion News - Netherlands...