Monnari Trade S.A. cancelled the acquisition of Simple Creative Products S.A. and 50% stake in S TRADE MARK SP. Z O.O. from Gino Rossi S.A..
February 18, 2019
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Monnari Trade S.A. (WSE:MON) agreed to acquire Simple Creative Products S.A. and 50% stake in S TRADE MARK SP. Z O.O. from Gino Rossi S.A. (WSE:GRI) for PLN 50.5 million on February 19, 2018. As on July 18, 2018, Monnari Trade reduced the bid price to PLN 12 million due to significant deterioration of Simple's financial results. Monnari Trade S.A. shall finance the transaction with the use of its own funds. The conditions of the transaction include content-related scope and the dates for which a due diligence audit should be carried out, requirements concerning the settlements between Gino Rossi S.A. and Simple Creative Products S.A., the principles of work on the transfer of the said shares and interests, the value of the shares of Simple determined to be between PLN 46 million and 50.5 million, assuming the debt and cash at zero level, which shall be the basis for the determination of the final proposed price per the aforementioned shares of Simple, the final proposed price shall be determined after the due diligence audit and the regulations for its determination shall consider, inter alia, the actual net debt of the Simple Creative Products as on the transaction closing date, the President of the Office of Competition and Consumer Protection shall be notified until March 30, 2018 about the intended concentration irrespective whether a binding contract for the sale of the shares of Simple is concluded, and a binding contract for the sale of the shares of Simple will be concluded until April 30, 2018. As of February 20, 2018, the management board of Gino Rossi obtained the supervisory board's approval for the sale of 100% of shares in Simple Creative Products. The Office of Competition and Consumer Protection approved the deal on June 5, 2018. As on August 8, 2018, Gino Rossi accepted the terms of the offer of Monnari Trade to acquire Simple Creative Products. Monnari Trade expects to finalize the deal by August 10, 2018 and the deal is still pending for an approval from Simple's creditor.
Monnari Trade S.A. (WSE:MON) cancelled the acquisition of Simple Creative Products S.A. and 50% stake in S TRADE MARK SP. Z O.O. from Gino Rossi S.A. (WSE:GRI) on February 19, 2019.
Monnari Trade SA is a Poland-based company engaged in the design and sale of women's apparel. The Company's product offer focuses on classical style and is addressed principally to women in age between 30 and 50. The clothing portfolio, including skirts, dresses, trousers, jackets, blouses, coats and others, is supplemented by accessories, such as belts, bags, shoes and jewelry. The manufacture is conducted on a contract basis by enterprises in Poland, Europe and the Far East. Monnari also offers seasonal collections, promotions and customer loyalty programs. The Company operates through numerous subsidiaries, including Madam Posh Sp z o o, Madam Collection Sp z o o, Madam Elegant Sp z o o, Madam Costume Sp z o o, Model Sp z o o, Modern Craft Sp z o o, Madam Prime Sp z o o, Madam Fashion Sp z o o, Madam Elite Sp z o o, Madam Perfect Sp z o o, Madam Chic Sp z o o, Madam Fancy Sp z o o, Madam Absolute Sp z o o, Madam Spring Sp z o o and Madam Joy Sp z o o, among others.