Garnero & Grupo Colombo to amend merger agreement

17 Jun '16

1 min read

Investment major Garnero Group Acquisition Company (GGAC) has announced amendment to the investment agreement in its proposed merger with the Brazilian apparel retailer Grupo Colombo, partially offset by Grupo Colombo's entry into financial restructuring.

Changes to investment agreement include purchase of $10 million worth shares by shareholders, extension of date for the completion of transaction, additional consents and approvals by Grupo Colombo, payment of fees for GGAC by Grupo Colombo and other changes to restructuring plans.

A copy of the amendment to merger agreement has been submitted with the SEC as an exhibit to a current report on Form 8-K. (MCJ)

ALCHEMPro News Desk - India

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