Grupo Soma snaps up Hering

Grupo Soma snaps up Hering

Corporate & Sovereign Strategy Equity Debt M&A Latin America South America Brazil Commerce Retail shopping

Brazilian retail chain Hering saw its shares jump by more than 25% on Monday after it announced the sale to local rival Grupo Soma in a BRL5.32 billion ($977 million) deal that came just over a week after it declined an unsolicited offer from Arezzo&Co. According to the terms of the deal, Grupo Soma will pay BRL9.63 in cash and 1.63 shares for every common share in Hering, equal to a price of BRL32.54 per share, according to a joint statement. Shares in Hering closed at BRL28.62 on Monday, u

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