Super Selectos El Salvador made an offer to acquire Almacenes Éxito S.A. (BVC:EXITO) from Casino, Guichard-Perrachon S.A. (ENXTPA:CO), Companhia Brasileira De Distribuicao (BOVESPA:PCAR3) and others for $1.2 billion on October 13, 2023. Under the terms of agreement, the value of the TO, considering all shares of Éxito, is of $1.175 billion, equivalent to $0.9053 per share, of which $156 million (corresponding to R$790 million on this date) corresponds to GPA?s equity interest. The price per share will be reduced by any extraordinary distribution of dividends or any other distribution, payment, transfer of assets or similar transaction made by Éxito, except for the ordinary dividends, between the date of the Pre-Agreement and the date that the TO documents are filed with the Financial Superintendency of Colombia (?SFC?).

The price per share will be paid by the Buyer in cash. Casino group board approved the deal. The tender offer is subject to the acquisition of at least 51% of the shares (?TO?).

Companies of the Casino group, which are holders of 34.05% of Éxito?s capital stock, are also parties to the Pre-Agreement and agreed to sell their equity interest in the tender offer. The launching of the TO is subject to SFC?s approval and the necessary filings before the U.S. Securities and Exchange Commission. GPA believes that the settlement of the TO should occur around year end.

As on November 3, 2023, Financial Superintendency of Colombia announced that it has received an authorization request for tender offer.