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MAGNIT PJSC (MGNT)
MAGNIT PJSC: ANNOUNCEMENT REGARDING POTENTIAL TRANSACTION
05-Apr-2019 / 17:56 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press Release | Krasnodar | April 5, 2019
ANNOUNCEMENT REGARDING POTENTIAL TRANSACTION
********************************************
Krasnodar, Russia (April 5, 2019): PJSC "Magnit" (MOEX and LSE: MGNT;
"Magnit" or the "Company") one of Russia's leading retailers, notes today's
announcement of Lenta Ltd. ("Lenta") regarding an update on the proposed
cash offer by Severgroup LLC for Lenta, which mentioned Magnit's interest in
a possible transaction with Lenta. Magnit confirms that it was exploring a
possible acquisition of 100% of Lenta's business. However, the Company was
surprised that Lenta's announcement stated that Magnit failed to provide
precision around the structure, timing and deliverability of such
acquisition, notwithstanding repeated requests from Lenta's independent
directors. In fact, Magnit contacted Lenta and showed serious interest to
engage on March 11th and again on March 18th when Magnit sent a formal
proposal to Lenta. Lenta replied to the proposal only on March 28th and
requested further details. Magnit replied within two business days on April
1 with proposed deal structure and terms including price. Lenta did not
reply to Magnit's April 1 letter. Magnit is looking forward to receive a
response from Lenta and will then consider how it intends to proceed.
No assurances can be given that any transaction will be progressed or as to
the terms on which it may be made. A further announcement will be made if
and when appropriate.
For further information, please contact:
Dmitry Kovalenko Media Inquiries
Director for Investor Relations Media Relations Department
Email: dmitry_kovalenko@magnit.ru Email: press@magnit.ru
Office: +7 (861) 210-48-80
Note to editors:
Public Joint Stock Company "Magnit" is one of Russia's leading retailers.
Founded in 1994, the company is headquartered in the southern Russian city
of Krasnodar. As of December 31, 2018, Magnit operated 37 distribution
centers and 18,399 stores (13,427 convenience, 467 supermarkets and 4,505
drogerie stores) in 2,976 cities and towns throughout 7 federal regions of
the Russian Federation.
In accordance with the audited IFRS results for 2018, Magnit had revenues of
RUB 1,237 billion and an EBITDA of RUB 90 billion. Magnit's local shares are
traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock
Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of
BB.
ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 8114
EQS News ID: 796693
End of Announcement EQS News Service
(END) Dow Jones Newswires
April 05, 2019 10:57 ET (14:57 GMT)
