The U.S. Offer will expire at 5:00 PM, New York City time, on Wednesday, January 25, 2017 (the " Expiration Date"), unless Casino elects to extend the period of time during which the U.S. Offer is open, in which event the Expiration Date shall be the latest time and date at which the U.S. Offer, as extended, expires. Casino intends that the U.S. Offer and the French Offer will expire on the same day.The Offers are made in connection with the reorganization of Cnova's former Brazilian subsidiary within Via Varejo S.A., which was completed on October 31, 2016 (the " Reorganization" and, together with the Offers, the " Transactions"). The Cnova transaction committee and Cnova board of directors fully support the Offers and recommend that holders of Cnova ordinary shares accept the Offer and tender their Cnova ordinary shares. Casino believes the U.S. Offer is attractive to holders of Cnova ordinary shares because, among other things, the price to be paid in the Offers implies a premium of:
- 82% over the closing price for Cnova ordinary shares on NASDAQ on April 27, 2016 of US$3.03, the trading day immediately prior to the first public reports of the potential offer;
- 62% over the closing price for Cnova ordinary shares on NASDAQ on May 11, 2016, the day immediately preceding the announcement of entry into a non-binding memorandum of understanding with respect to the Transactions; and
- 105% over the average closing price for Cnova ordinary shares on NASDAQ on trading days for the six-month period ended May 11, 2016.
|Cnova Investor Relations Contact:Cnova N.V.Head of Investor Relations+31 20 795 06 71 firstname.lastname@example.org||Media Contact:Cnova N.V.Head of Communications+ 31 20 795 06 76 email@example.com|