April 27, 2021 |
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
Brazilian retail chain agrees to pay $977 mln to buy the rival clothing company after a failed attempt by Arezzo