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Financials

Russian toy retailer Detsky Mir says Altus does not plan to bid for whole company

Dec 10 (Reuters) - Detsky Mir said on Thursday Altus Capital, which launched a bid to buy a 29.9% stake in the Russian toy retailer last month, does not plan to buy the entire company.

Private equity firm Altus made its $464 million bid at the end of November at 160 roubles per share.

Detsky Mir said it had call with Altus representatives regarding the offer and Altus also said it did not have any agreements to acquire shares from third parties outside the scope of the offer.

Altus Capital was founded in 2014 by the partners of UFG Wealth Management as a separate firm.

The Altus offer, which does not apply to Detsky Mir’s U.S. shareholders, runs until December 18. Detsky Mir has advised shareholders to exercise their own judgment, when making decisions regarding the offer.

In September, Russian conglomerate Sistema and the Russia-China Investment Fund sold a 25% stake in the toy retailer, bringing Detsky’s free float to almost 100%.

Reporting by Anna Rzhevkina and Olga Popova. Editing by Jane Merriman

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