CASINO TO EXPLORE SALE OF SMART & FINAL INC.
SANTA BARBARA, Calif., July 12 /PRNewswire/ -- Casino SCA, a French company and the owner of Casino USA Inc., which in turn owns 50.3 percent of Smart & Final Inc. (NYSE: SMF), announced today that on a preliminary basis it is considering its alternatives with respect to its investment in Casino USA. Casino SCA said that while it will review all available alternatives, its priority will focus on the possible sale of Casino USA, including Smart & Final as an entirety. Casino SCA said that it has hired Lazard Freres & Co. to assist with its review of alternatives. Casino SCA indicated that its investment objectives are changing in view of its previously announced strategic intention to devote greater resources and management energy to its core investments in France, thus making the investment in Casino USA not a strategic necessity. Casino SCA said it has the highest regard for Smart & Final and its management, which has successfully expanded the company from sales of $240 million in 1984 when it was acquired, to a 1992 sales level of $765 million, while increasing net income more than 500 percent. Casino SCA said that it will only consider a sale if the price and terms are fair and appropriate and emphasized that there was no assurance that any offer would be made or that any transaction could be accomplished. Moreover, Casino SCA cautioned that no assurance could be given as to the price of any such proposal or transaction. Casino SCA said that if an attractive transaction did not develop, it intends to retain its investment in Casino USA. -0- 7/12/93 /CONTACT: Leanne Reynolds of Smart & Final, 805-564-6735 or 213-584-9850/ (SMF)
CO: Smart & Final Inc.; Casino SCA; Casino USA Inc. ST: California IN: REA SU:
LS-JL -- LA005 -- 0357 07/12/93 11:06 EDT
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|Date:||Jul 12, 1993|
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