Migros receives five bids , shares gain
Posted by meb at January 12th, 2008
Migros Türk gained the most in nine weeks in Istanbul trading after daily Hürriyet said owner Koç Holding received five bids for the Turkish supermarket chain and that the winning offer is expected to be around $4 billion. Migros Türk shares rose as much as 4.3 percent and were up Ykr 80, or 3.8 percent, to YTL 21.70 at 11:25 a.m. local time Friday, the steepest advance since Nov. 12. The gain increased the retailer’s market value to YTL 3.86 billion ($3.35 billion). “The shares are rising on newspaper reports saying the price will be around $4 billion,” said Burak Demircioğlu, a trader at EFG Istanbul Securities. “There will be a tender and the price is expected to be higher than the current market capitalization.” Buyout firms Kohlberg Kravis Roberts & Co., Bain Capital LLC, BC Partners Ltd. and Turkey’s Turkven made a joint bid for Migros Türk, Hürriyet reported, without saying where it got the information. Zagreb-based Agrokor, Croatia’s biggest retailer, and Blackstone Group LP, manager of the world’s biggest buyout fund, also made a joint bid for the retailer, the newspaper said. Other bidders were CVC Capital Partners Ltd., Europe’s second-biggest buyout firm, Dutch grocer Royal Ahold NV’s Nordic joint venture ICA AB and Russian billionaire Mikhail Fridman’s Alfa Group, according to Hürriyet. The deadline for bidding was Jan. 9, the newspaper said. Migros Türk’s main owner Koç Holding said in June it hired JPMorgan Chase & Co. to seek offers for 51 percent of the retailer.
source: Turkish Daily News
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