Anadolu Efes announced that the recommended cash offer for its subsidiary Efes Breweries International (EBI) was closed on September 3. Anadolu Efes received limited participation to the tender call with only 3.25% of EBI's shareholders accepted Anadolu Efes' offer of US$2.22 per EBI share (US$11.1 per EBI GDR). Accordingly, Anadolu Efes' share in EBI increased to 73.47% from 70.22%.
Anadolu Efes' was targeting to collect entire free float and de-list EBI from . However the company couldn't be successful achieving its target as the participation remains limited. We do not expect a material impact on the stock.