Fairness Opinion for Valora Holding

On July 5th, 2022, Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), announced that it or one of its subsidiaries intends to acquire all publicly held shares of Valora Holding AG (Valora) by way of a public tender offer. FEMSA is offering CHF 260 in cash per Valora share. The total transaction volume amounts to approximately CHF 1.1 billion and includes a premium of approximately 52% compared to the closing share price before the pre-announcement of the transaction resp. 57.3% compared to the 60-day VWAP).

According to the prospectus, the offer was ultimately made by FEMSA’s subsidiary Impulsora de Marcas e Intangibles, S.A. de C.V.

The transaction is intended to accelerate Valora’s growth journey through FEMSA’s core competence in the convenience sector. To this end, Valora’s platform as a European convenience store and food service provider shall be scaled and Valora’s existing brands shall be strengthened.

Support by IFBC

‍IFBC was mandated by the board of directors of Valora to prepare a Fairness Opinion assessing the financial fairness of the takeover offer made by FEMSA. As a qualified evaluator pursuant to Article 30(6) Takeover Ordinance, IFBC is suitably qualified to prepare Fairness Opinions in Switzerland.

About Valora Holding AG

‍Valora Holding AG is an internationally active retail company in the convenience retail and food services sector, listed on the SIX Swiss Exchange and headquartered in Switzerland. In the retail sector, the focus is on small-scale store concepts in high-frequency locations with well-known brands such as k kiosk or avec. In the food service sector, Valora focuses on bakery products with brands such as Brezelkönig, BackWerk or Caffè Spettacolo.

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