International investor officially attempts at buying Mriya Agroholding
Mriya Agro Holding Public Limited in June 2018 received the official offer regarding the acquisition of the entire business and assets from a reputable international strategic investor with successful experience in Ukraine.
This information was shared in the company's newsletter for the creditors, which Mriya's press-service provided to Latifundist.com.
Previously it was reported that Continental Farmers Group was negotiating takeover of Mriya Agroholding.
The agroholding neither denies nor confirms this information referring to the fact that this data is not publicly available.
"The offer price would result (if the transaction is consummated) in recoveries to the holders of notes issued by Mriya Farming Plc ("Mriya Farming") in connection with the restructuring (the "New Notes") of approximately 50 to 60 US cents per US dollar principal amount of New Notes outstanding post restructuring completion (net of costs and expenses relating to the transaction)," the message for the creditors writes.
It is also noted that the offer is conditional upon a satisfaction of a number of conditions, including the successful completion of the restructuring of the company and its subsidiaries and receipt of all necessary regulatory approvals.
The company intends to enter into negotiations with the offeror regarding the terms of the potential transaction in order to agree binding transaction documentation.
"Following implementation of the restructuring, execution of any sale transaction is subject to the consent of Mriya Farming's stakeholders pursuant to the terms and conditions of the New Notes and interest holders' agreement of Mriya Farming Plc adopted in accordance with the terms of the restructuring," the message states.
Mriya stresses that "there is no assurance that a transaction will result from the offer, which remains subject to the negotiation of definitive transaction documentation."
It is specified that Rothschild is acting as the sole financial adviser and Hogan Lovells is acting as the legal adviser in relation to the sale.
According to information from the source in the market, who anonymously provided a comment, representatives of the Rothschild company asked him for advice on how to level out the company's financial situation and get it ready for sale.
"The Rothschilds asked for advice on what to do to stabilize Mriya in Ukraine. My answer was simple — invest USD 50 million once to purchase quality seeds, PPPs and other commodities, rather than vesting USD 15 million annually," Latifundist.com source says.
Reference: the CEO of Mriya Agroholding Simon Cherniavsky said that there could be no agreement on the sale before the restructuring of the company's historic debt is complete.
