Central European Distribution's board gives advisors go-ahead to write up documentations related to revised offer from its top shareholder
March 14, 2012
– The board of Central European Distribution Corp. (CEDC) has given the go-ahead to its advisors to write up documentation related to a revised offer from its top shareholder, Reuters reported March 13.
Last week, Russian billionaire Roustam Tariko put forth a revised proposal to CEDC that would see him pay a lower price to boost his stake in the company. Also, CEDC and Tariko's Russian Standard plan to continue talks on a deal which would see Russian Standard's Roust distribution business hand over rights to some of CEDC’s alcohol brands.
Also, CEDC said it would include its No. 2 shareholder, Mark Kaufman, on the list of directors for nomination at this year's annual meeting. Last month, Kaufman had sent a letter to CEDC stating his intention to stand for election to the company's board.
CEDC has more than US$300 million in debt coming due in 2013.
The primary source of this article is Reuters, London, England, on March 13, 2012.