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CCC seeks to buy Gino Rossi

Dec 26, 2018 Poland
CCC seeks to buy Gino Rossi
The Polish-based footwear manufacturer and retailer has announced a tender offer to acquire all the shares of Gino Rossi S.A.. CCC intends to carry out a comprehensive restructuring of Gino Rossi
Gino Rossi, a well-known Polish brand in the segment of production and sale of footwear and accessories from the middle-end and high-end market, has been facing a difficult liquidity situation. The CCC Group decided to "support it and decided to issue a tender offer for 100% of the company's shares, at a price of PLN 0.55 per share" (roughly 0.13 euros).

The main shareholders, Mr. Jan Pilch and Krzysztof Bajołek, controlling a total of approximately 30% of the Gino Rossi's shares have already undertaken to sell their shares for this price at this tender offer. At the same time, CCC signed the agreement on the purchase of all existing loan receivables of the Company with respect to PKO Bank Polski.

"The takeover of Gino Rossi is an extension of our existing cooperation. We hope that the announced tender offer, the acquisition of Gino Rossi's loan receivables and the constructive attitude of the other creditors of the Company will allow us to secure the further functioning of the company. We intend, together with Gino Rossi's management, to improve the financial situation, increase the company's capacity utilization in its factories in Poland, maintain current jobs and strengthen the brand and the company. If the tender offer ends positively, our intention is to further integrate Gino Rossi with the CCC Group and offer products of that brand in the stores of our Group in the entire CEE region and Western Europe", comments Dariusz Miłek, President of the Management Board of CCC Group.

The financial situation of Gino Rossi has been difficult for a long time. The potential acquisition of such a strong capital partner as the CCC Group is an opportunity for Gino Rossi to continue operations, while working on a strategy to grow.

Subscriptions for shares will last from the 2nd to the 31st of January to January. The announced tender offer is conditional on, among others, acquisition by CCC as a result of a tender offer of shares representing at least 66% of the total number of votes, signing a restructuring agreement including a 50% reduction in the value of trade liabilities (excluding liabilities related to the rental of commercial premises) by creditors holding receivables of at least PLN 100,000 PLN and the consent of the Office of Competition and Consumer Protection.

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