Sofia, 13 April 2010 - Advent International, a leading global private equity firm, announced today that its squeeze out proposal for approximately 1% of the shares in Devin AD (“Devin”), Bulgaria’s leading mineral water bottler and distributor of soft drinks, at BGN 3.5 per share was approved by the Financial Supervision Commission. The squeeze out proposal will be launched jointly by Advent Water (Luxembourg) s.a.r.l. and Devin’s senior managers, who hold a combined share of 99% of Devin’s capital.
The squeeze out proposal will be valid for one month from the date of publication and is part of the process, in line with Art. 157a of the Public Offering of Securities Act, of reducing remaining minority holdings in Devin and delisting the Company from the Public Register. Shares of shareholders who do not accept the squeeze out proposal will be transferred automatically to Advent. These shareholders have a period of up to 5 years during which they can collect the consideration for their shares, at a price of BGN 3,5 per share.
The squeeze out proposal has been published today in Dnevnik and Pari newspapers. The text will be available on the web pages of Devin AD (www.devin-bg.com) and the broker Elana Trading (www.elana.net) on the same date.
Advent International has been investing across Central Europe with local funds and offices since 1994. The firm has financed and supported a number of companies in the food and drink sector globally to achieve successful growth, including Brewery Holdings in Romania, Star Foods in Poland, Uno in Turkey and Graffigna in Argentina.
Advent’s advisers in executing the tender offer include Elana Trading (brokerage) and CMS Cameron McKenna (legal).