L1 Retail, international investment business and part of LetterOne Group, and owner of 29% of DIA, the Spanish food retailer, announced a voluntary tender offer and comprehensive rescue plan to secure the future of DIA. L1 Retail is committed to supporting a €500m capital increase following the successful completion of its VTO. Offer values DIA at more than €400m ($457m). The L1 Retail rescue plan, ‘MAKE DIA A CHAMPION', consists of three integrated components. First, a VTO for the acquisition of all the shares in DIA that it does not already own at a price of €0.67 ($0.77) per share, a significant premium of 56.1% to the closing price on 4 February 2019. Second, a commitment to support a capital increase of €500m to achieve a viable long-term capital structure, which is conditional upon the completion of the VTO and reaching a satisfactory agreement with DIA's lending banks. Third, a comprehensive six-pillar transformation plan led and overseen by L1 Retail, which is expected to deliver a turnaround of the business over the next five years.