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Brazil's Soma in talks to acquire Cia Hering for $967 million reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff 2 Min Read SAO PAULO (Reuters) - Brazilian apparel retailer Grupo de Moda Soma is in exclusive talks to acquire Cia Hering for 5.3 billion reais ($967 million) in a cash and share deal, according to securities filings by both companies on Monday. The acquisition will involve a cash payment to Hering shareholders of 9.630957 reais per share, plus 1.625107 share of Grupo Soma, the filing said, for a total value of 32.54 reais per share. The deal offers Hering’s shareholders a premium of 43.5% over Friday’s closing share price. Shares in Hering rose almost 24%, while shares in Soma fell more than 10%. “This acquisition seems to be pricey for Soma and potential synergies are not clear yet,” said Carlos Daltozo, head of equities at research broker Eleven. ....