Carrefour announces plan to file a bid for its franchisee Guyenne et Gascogne as part of strategy to improve its position in France; Carrefour will pay €74.25/share in cash for each Guyenne et Gascogne share
December 13, 2011
– Carrefour SA says it will file a bid for its franchisee Guyenne et Gascogne SA as part of a strategy to solidify its place in southwestern France, The Wall Street Journal reported Dec. 12.
Carrefour will file a cash tender offer for Guyenne et Gascogne, operator of four Carrefour stores, with a secondary option in shares, the company announced.
Carrefour will pay EUR74.25 cash per Guyenne et Gascogne share, or roughly 3.9 Carrefour shares for each Guyenne et Gascogne share.
The move comes as the company continues to experience challenges in its home country of France. It has been losing market share in France for years, hurt by a reputation for high prices and from competition from smaller stores.
The primary source of this article is The Wall Street Journal, New York, New York, on Dec. 12, 2011.