Beter Bed Holding’s shareholders approve divestment Matratzen Concord
26 Novembro 2019 - 11:45AM
Beter Bed Holding’s shareholders approve divestment Matratzen
Concord
At the Extraordinary General Meeting of 26
November 2019 the shareholders of Beter Bed Holding approved the
transaction to divest Matratzen Concord. The approved transaction
consists of three elements:
- The approval to divest the Matratzen Concord companies in
Germany, Austria and Switzerland to Magical Honour Limited.
- Authorisation to issue 2.15 million new shares to Magical
Honour Limited.
- Authorisation to limit or exclude the pre-emptive rights in
connection with the issuance of the new shares.
The divestment is expected to complete in early December 2019.
With the shareholders’ approval, all major conditions have been
satisfied, following the earlier completion of due diligence. Both
parties agreed to forego the voluntary notification of the German
regulator, while no anti-trust filing was required. The share
issuance to Magical Honour Limited will be executed at completion
of the divestment or as soon as possible thereafter, but not later
than two weeks after completion.
Following completion of the transaction, Beter Bed Holding will
transform into a smaller, flexible, growth-orientated and
profitable company with a leading position in the Benelux. The net
debt of the transformed company is expected to improve to a
sustainable level following the (i) the approved transaction and
(ii) the sale-and-leaseback program that is currently being
completed for the distribution centers, which is expected to lead
to net cash proceeds of € 16 million. To drive profitable sales
growth in 2020, Beter Bed Holding will focus on its core markets
and further develop the omnichannel route-to-market. The refined
strategy for the transformed company will be presented at a Capital
Markets Day in April 2020.
John Kruijssen, CEO of Beter Bed Holding,
comments: “We are pleased and grateful that our
shareholders approved the transaction to divest Matratzen Concord
and to authorise the issuance of new shares to Magical Honour
Limited. With this transaction we will reach a major milestone of
the turnaround of Beter Bed Holding and we will be able to focus on
value creation. We will improve our financial and commercial
fundamentals, with a number of opportunities to further accelerate
growth. In April 2020 we will hold our next Capital Markets Day and
present our vision going forward. At the same time, we believe we
found the best owner for Matratzen Concord. Magical Honour Limited
has committed to the necessary investments and to bring the global
industry experience and capabilities to transform Matratzen
Concord. We wish them and all stakeholders of Matratzen Concord,
and especially the employees, all the best in their joint
future.”
Profile Beter Bed Holding is a
European retail organisation that offers its customers the best
quality rest at affordable prices. The organisation’s aim is to do
this through its international retail brands, through its own
wholesaler operation DBC International and, at an increasingly
relevant share, through Digital channels.
This press release contains inside information within the
meaning of Article 7(1) of the EU Market Abuse Regulation.
For more information
John
Kruijssen Hugo
van den Ochtend
CEO
CFO +31 (0)413
338819
+31 (0)413
338819
+31 (0)6
13211011
+31 (0)6
25746309
john.kruijssen@beterbed.nl hugo.vandenochtend@beterbed.nl
Please click on the link below for the PDF of the press release.
Press photos can be downloaded here.
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