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SANTIAGO, Chile, May 19, 2021 /PRNewswire/ -- Inversiones y Rentas S.A. ("IRSA"), a Chilean closely held corporation (
sociedad anónima cerrada), today commenced a tender offer (the "Offer") to purchase up to 16,390,172 issued and outstanding shares of common stock, no par value (the "Shares" and each a "Share"), of Compañía Cervecerías Unidas S.A., an open stock corporation (
sociedad anónima abierta) organized under the laws of the Republic of Chile (the "Company"), from all holders, wherever located, and whether they currently hold such Shares in the form of Shares or American Depositary Shares (the "ADSs," and each an "ADS") of the Company (each representing two (2) Shares) for a purchase price of Ch$6,800 per Share (equivalent to Ch$13,600 per ADS), in cash, without interest (the "Tender Offer Price"), upon the terms and subject to the conditions of the Offer. The Offer is conducted in accordance with applicable United States securities laws and the 5th paragraph of Article 198 of Chilean Law No. 18,045. The Offer will be settled in the Bolsa de Comercio de Santiago, Bolsa de Valores by delivery of the Shares to the Chilean Share Tender Agent (as defined in the Offer to Purchase) against payment of the Tender Offer Price. The Tender Offer Price for the Shares represented by ADSs tendered to the ADS Tender Agent (as defined in the Offer to Purchase described below) that are accepted for payment pursuant to the Offer will also be paid by IRSA in Chilean pesos. However, IRSA has directed the U.S. Settlement Agent (as defined in the Offer to Purchase) to coordinate with the FX Agent (as defined in the Offer to Purchase) for the U.S. dollar conversion of the Tender Offer Price payable to holders of ADSs that are tendered to the ADS Tender Agent, upon instruction of the ADS Tender Agent and for the account of holders who tender their ADSs to the ADS Tender Agent. As a result, holders of Shares represented by ADSs tendered to the ADS Tender Agent that are accepted for payment pursuant to the Offer will receive payment in United States dollars converted at the ADS Tender Offer Price Exchange Rate (as defined in the Offer to Purchase),