Alkis H. Hadjikyriacos (Frou Frou Biscuits) Public Ltd announces that with regard to the acquisition of the industrial unit and the brand MON AMI from EVRIKA LTD, the due diligence has been completed, the approval of the Commission for the Protection of Competition has been secured and all terms for the finalization of the acquisition have been satisfied.
The acquisition will be finalized on September 30, 2013.
The acquisition price of €1.56 million will be paid cash and has been determined at arm’s length. The price will be paid as follows: €1 million on 30/9/2013 and €560,000 in the form of future payments calculated as percentage in the future sales of Mon Ami. As a result, the amount of €560,000 depends on the sales and its calculation was made with the method of discounting future sales based on the historical sales of Mon Ami.
The acquisition is expected to affect positively the turnover and the profitability of Frou-Frou Grou. Due to the prevailing uncertainty in the market, no forecast on the sales or profitability will be made at the current stage.
