MMD “East and West” Group submitted an offer to the remaining minority shareholders of GUM Department store

GUM department store

“Group of companies MMD “East and West” of Mikhail Kusnirovich put an offer to minority shareholders of PJSC “Trading house GUM” to buy out the remaining 2.4% of the shares. The repurchase price will be 28 rubles per share, the GUM report communicates.
Currently, the “East and West” holds 97.57% stake in GUM. The “squeeze out” price equals to the price of the voluntary offer (was set in September, at that time “East and West” held 87.4% of the shares of GUM). By purchasing over 95% of the company, “East and West” has received the right of compulsory redemption of shares from minority shareholders. Store is leased by the group until 2059.
“East and West” group gradually increased the share in GUM since 2014. In July of that year, the group increased its share from 19.02% to 27.57%, then in August – to 66.4% and made an offer to shareholders to purchase shares at a price of RUB 50 per share. By the end of 2014 “East and West” already owned about 76% of the shares.

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