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Takeover bid: OL Groupe, FIEBM and Kohl’s in the spotlight

Change of round table in sight for OL Groupe and OPR in perspective for the FIEBM, muddle on Twitter, end of the merger between Acerinox and Aperam, outbid by JetBlue on Spirit Airlines, offer to buy Kohl’s, not to mention the unfounded rumors acquisition of Crédit Suisse by State Street: the major maneuvers are continuing with renewed vigor.

The news

On Euronext Paris

OL Groupe: towards a major change in the funding round. The holding company, which specializes in the management of the Olympique Lyonnais club and in the operation of its stadium, confirmed “to be aware of discussions between several potential investors and shareholders who have expressed an interest in the sale of their stake”, to namely Pathé and IDG which respectively hold 19.36% and 19.85% of the capital. For the moment, nothing is decided yet, even if Jean Michel Aulas hopes to finalize the operation by June 23. In the meantime, the share gained 20.6% over the week, to €2.98, bringing its capital gain to 49% since the start of the year and its capitalization to 175 million euros.

FIEBM: takeover bid in sight at a price not yet fixed. By decision of the general meeting dated June 7, 2022, the shareholders of Financière et Immobilière de l’Etang de Berre et de la Méditerranée authorized the sale of a property (campsite and business), for a price total of 20.5 million euros. In the event of completion of the transaction, the transfer of the assets would constitute the transfer of the principal assets of FIEBM and would oblige the shareholder controlling the company to implement a takeover bid. The financial terms of this public offer will be determined at a later date and will take into account the disposals of assets which will then have taken place. Based on the last quoted price on compartment C (€8.65), up 86% since 1er January 2022, the capitalization of the FIEBM amounts to 17 million euros.

In other markets

Twitter: Elon Musk blows hot and cold. The boss of Tesla and SpaceX threatens to withdraw his purchase offer for lack of sufficient information. In a letter to the social network’s chief legal officer and published on the Securities and Exchange Commission’s website, Elon Musk suggests that Twitter is “actively resisting” its requests for information about spam and fake accounts and, as a result, , violates its obligations. And to add: “Mr. Musk reserves all rights resulting therefrom, including his right not to finalize the transaction”.

The platform refutes these allegations and will provide access to the data.

As a reminder, Elon Musk announced the takeover of Twitter in a cash transaction, valuing the social network at $44 billion. On Wall Street, Twitter action is now trading below $40, well below the takeover price ($54.20). The market no longer seems to believe too much in this operation.

Acerinox puts an end to its proposed merger with Aperam. The Spanish giant announced Monday to end discussions with its competitor Aperam, shortly after the announcement of a merger project to create one of the world leaders in stainless steel.

Acerinox’s board of directors “has unanimously agreed not to continue preliminary discussions with Aperam SA with a view to studying a possible” merger, the group told the Comisión Nacional de Mercado de Valores, the Spanish equivalent of the AMF.

The two companies announced on Friday that they had entered into preliminary discussions for a “business combination”. But Acerinox had nevertheless warned the market: “There is no certainty that the parties will reach an agreement”. The fact is that the wedding will not take place.

Spirit Airlines: JetBlue outbids its offer. After launching a hostile takeover in mid-May, the American airline decided to submit an improved proposal to the board of directors of Spirit Airlines in order to counter the merger with Frontier Group Holdings, parent company of Frontier Airlines, debated at the general meeting of June 10.

JetBlue is now offering an aggregate consideration of $31.50 per share, consisting of $30 in cash at the closing of the transaction and the $1.50 prepayment of the break fee. This price shows a premium of 52.3% compared to the last quoted price before the announcement.

The new entity would generate around $11.9 billion in revenue, according to estimates based on 2019 revenues, the last year before the Covid-19 pandemic.

Kohl’s in the bosom of Franchise Group? Following a purchase proposal, confirming information from the Wall Street Journal, the American chain of stores entered into exclusive negotiations with Franchise Group (The Vitamin Shoppe, American Freight, Buddy’s Home Furnishings, etc.) for a period of three weeks.

Franchise Group offers to acquire Kohl’s for a price of $60 per share, a premium of 42.5% over the last quoted price on the New York Stock Exchange ($42.14), valuing the company nearly 7.7 billions of dollars.

However, Kohl’s would like to point out, according to the established formula, that there is no certainty that these discussions will lead to an operation.

Current operations

1000thanks: the simplified takeover bid ends on June 16, 2022. Positive YmpacT (controlled equally by the founders of 1000mercis), which holds with the founders at least 60.23% of the capital of this expert in digital CRM and programmatic marketing, undertakes to acquire the shares not held at a unit price of 30 €. This price shows a premium of 28.2% on the last quoted price before the announcement and 34.5% on the average of the last 60 sessions. If the required conditions are met, Positive Ympact intends to request the implementation of a squeeze-out.

Itesoft: the simplified takeover bid is open until June 24, 2022. The concert of shareholders (CDML, SF2I, historical shareholders and members of the management committee), which holds 78.06% of the capital, undertakes to acquire the shares not held at a unit price of €4. This price shows a premium of 18.3% on the last quoted price on compartment C before the announcement of the operation, on September 30, 2021, and a premium of 15.5% compared to the average of the last 3 months before that date.

He values ​​this company specializing in document dematerialization software at nearly 25 million euros. It should be noted that the offeror does not intend to implement a squeeze-out, nor to request the delisting of the shares from Euronext Paris.

Hiolle Industries: the draft note in response to the simplified takeover bid has been filed. It contains in particular the report drawn up by the firm Sorgem Evaluation, mandated by the Supervisory Board as an independent expert. As a reminder, the Hiolle family group, which holds 80.01% of the capital of this group created in 1976, specializing in services to industry, undertakes to acquire the shares not held at a unit price of €4.70.

This price shows a premium of 29.8% compared to the price on May 3, 2022. It values ​​the company listed on Euronext Growth at 44 million euros, i.e. half of its 2021 turnover (88.9 million euros, up 19%). If the required conditions are met, the implementation of a squeeze-out will be requested.

Dimension exits

CNP Assurances: the mandatory withdrawal will take place on June 20, 2022. It will relate to 14,832,285 shares, representing 2.16% of the capital and 1.41% of the voting rights, at a unit price of €20.90 net of all costs. The suspension of listing of CNP Assurances shares is maintained until the implementation of the squeeze-out.

Tivoly: the mandatory withdrawal will also take place on June 20, 2022. It will involve 94,058 shares at a unit price of €42.05 (including treasury shares), representing 8.49% of the capital and 9.18% of the voting rights of this cutting tool specialist. The trading suspension of Tivoly is maintained until the implementation of the squeeze-out.

Advenis: the squeeze-out will take place on June 21, 2022. Following its takeover bid at a price of €2.80 per share, which closed on June 8, the concert formed between Inovalis and Hoche Partners Private Equity Investors now holds 94.76% of the capital of this company specializing in asset management. real estate and financial assets.

As the conditions have already been met, the squeeze-out will relate to 653,045 Advenis shares representing 5.24% of the capital. The suspension of listing is maintained until the implementation of the squeeze-out.

Market noises

Credit Suisse affected by State Street denial. The action of No. 2 in the Swiss banking sector fell 5.7% on Friday, to 6.198 Swiss francs. Credit Suisse stalled after the denial of the American management company State Street considering the rumors of a possible takeover of CS “unfounded”.

On Wednesday, financial blog Inside Paradeplatz said State Street might be interested in buying Credit Suisse, without citing its sources. A scenario greeted with skepticism by analysts.

Thursday, during a conference organized by Goldman Sachs, the boss of Credit Suisse, questioned on this subject, had answered these rumors with a joke: “My father once gave me advice: “For really stupid questions, there should be no comment at all.” So I think I’m going to take my dad’s advice.”

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