Brief: Beter Bed Holding Reaches Agreement On Divestment Of Matratzen Concord

Beter Bed Holding NV

14/10/2019 06:32

Oct 14 (Reuters) - BETER BED HOLDING NV  BETR.AS :
    * BETER BED HOLDING IS PLEASED TO ANNOUNCE IT HAS REACHED
AGREEMENT WITH MAGICAL HONOUR LIMITED FOR THE DIVESTMENT OF
MATRATZEN CONCORD GERMANY, SWITZERLAND AND AUSTRIA FOR A
PURCHASE PRICE OF € 5 MILLION IN CASH
    * DIVESTMENT OF MATRATZEN CONCORD IS ACCOMPANIED BY A
CONCURRENT
EQUITY INVESTMENT
    * COMPLETION OF DIVESTMENT IS EXPECTED BY END OF 2019, AT
LATEST
    * CONCURRENT EQUITY INVESTMENT IN BETER BED HOLDING OF
MAGICAL
HONOUR LIMITED OF EUR 5 MILLION, CONSISTING OF 2.15 MILLION
SHARES AT EUR 2.32 PER SHARE
    * AGREEMENT SIGNIFICANTLY ENABLES RETURN TO FINANCIAL
STABILITY OF
BETER BED HOLDING AND POSITIONS COMPANY FOR SUSTAINABLE GROWTH
    * AFTER COMPLETION OF EQUITY INVESTMENT AT A PREMIUM OF 36%
COMPARED TO CLOSING SHARE PRICE OF 11 OCTOBER 2019, MAGICAL
HONOUR LIMITED WILL OWN CIRCA 8.9% OF SHARES OF BETER BED
HOLDING
    * IT IS INTENTION OF ALL PARTIES INVOLVED THAT THEY WILL
CONTINUE
AS MANAGEMENT BOARD OF MATRATZEN CONCORD UNDER MAGICAL HONOUR
LIMITED'S OWNERSHIP

Source text for Eikon:  ID:nGNEbVX1fG 
Further company coverage:  BETR.AS 

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