Round table change in vision for OL Groupe and OPR in outlook for FIEBM, Twitter mess, end of merger between Acerinox and Aperam, JetBlue outbid to Spirit Airlines, offer to buy Kohl’s, not to mention unfounded rumors of Crédit Suisse’s takeover of State Street: major maneuvers continue with renewed vigor.
At 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, has confirmed “to be aware of discussions between several potential investors and shareholders who have expressed interest in selling their stake” , which Pathé and IDG which hold 19.36% and 19.85% of the capital respectively. So far, no decision has been made, though Jean Michel Aulas hopes the operation will end on June 23. Meanwhile, the share has gained 20.6% in a week, up € 2.98, bringing its capital gain to 49% since beginning of the year and its capitalization at 175 million euros.
FIEBM: visible redemption bid at the price not yet set. 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), at a total price of 20.5 million euros. In the event of completion of the transaction, the transfer of assets will constitute a transfer of FIEBM’s primary assets and oblige the shareholder controlling the company to execute an acquisition bid. The financial terms of this public offer will be determined at a later date and will take into account disposals of assets that will then occur. Based on the last quoted price in compartment C (€ 8.65), up 86% since 1eh January 2022, the capitalization of FIEBM reaches 17 million euros.
In another market
Twitter: Elon Musk is hot and cold. The boss of Tesla and SpaceX is threatening to withdraw his purchase offer due to 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 on spam and fake accounts and, as a result , it violates its obligations. And to add: “Mr. Musk reserves all rights resulting from this, including his right not to terminate the transaction”.
The platform has denied these allegations and will provide access to the data.
As a reminder, Elon Musk announced the acquisition of Twitter in a cash transaction, valuing the social network at $ 44 billion. On Wall Street, Twitter’s action is now trading below $ 40, which is less than the acquisition price ($ 54.20). The market no longer seems to believe in this operation very much.
Acerinox has terminated its proposed merger with Aperam. The Spanish giant announced on Monday to end discussions with its rival Aperam, shortly after the announcement of a merger project to create one of the world’s leaders in stainless steel.
Acerinox’s board of directors has “unanimously agreed not to continue preliminary discussions with Aperam SA with the aim of studying a possible” merger, the group told the Comisión Nacional de Mercado de Valores, the Spanish equivalent of AMF.
The two companies announced on Friday that they had entered into preliminary discussions for a “business combination”. But Acerinox warned the market: “There is no guarantee that the parties will reach an agreement”. The truth is that marriage will not take place.
Spirit Airlines: JetBlue has surpassed its offer. After launching a competitive acquisition bid in mid -May, the American airline decided to submit an enhanced proposal to Spirit Airlines ’board of directors to oppose the merger with Frontier Group Holdings, Frontier Airlines’ parent company, which was debated in general meeting of June 10.
JetBlue now offers a cumulative consideration of $ 31.50 per share, which consists of $ 30 cash at closing the transaction and the $ 1.50 prepayment of the rest fee. This price shows a premium of 52.3% compared to the last quoted price before the announcement.
The new entity will generate approximately $ 11.9 billion in revenue, according to estimates based on revenues in 2019, last year before the Covid-19 pandemic.
Is Kohl at the heart of the Franchise Group? Following the purchase proposal, confirming information from the Wall Street Journal, the American chain of stores entered into exclusive negotiations with the Franchise Group (The Vitamin Shoppe, American Freight, Buddy’s Home Furnishings, etc.) for three weeks. .
Franchise Group is offering to take Kohl’s at a price of $ 60 per share, a premium of 42.5% to the last quoted price on the New York Stock Exchange ($ 42.14), valuing the company nearly $ 7.7 billion.
However, Kohl’s wants to point out, according to the established formula, that there is no guarantee that these discussions will lead to an operation.
1000thanks: the simplified takeover bid will end on June 16, 2022. Positive YmpacT (both controlled by the founders of 1000mercis), which holds among the founders at least 60.23% of the capital of this expert in digital CRM and programmatic marketing, promises to acquire the shares not held at the unit price at 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 acquisition 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, is conducting to acquire the shares not held at a unit price of € 4. This price represents a premium of 18.3% over the last quoted price in compartment C prior to the announcement of operation, on September 30, 2021, and a premium of 15.5% compared to the average of the last 3 months prior to that date.
He values this company that specializes in document dematerialization software at almost 25 million euros. It should be noted that the offerer did not intend to enforce a squeeze-out, or request the delisting of shares from Euronext Paris.
Hiolle Industries: the draft note in response to the simplified acquisition bid has already been filed. It contains the specific report produced by the firm Sorgem Evaluation, which is 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, which specializes in industrial services, promises to acquire the non -holding shares 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 Euronext Growth -listed company at 44 million euros, i.e. half of its turnover in 2021 (88.9 million euros, up 19% ). If the required conditions are met, the implementation of a squeeze-out will be requested.
CNP Assurances: mandatory withdrawal will take place on June 20, 2022. This relates to 14,832,285 shares, representing 2.16% of capital and 1.41% of voting rights, at a unit price of € 20.90 net at all costs. The suspension of the CNP Assurances component list is maintained until the implementation of the squeeze-out.
Tivoly: Mandatory withdrawal will also take place on June 20, 2022. It involved 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. Tivoly’s trading suspension was 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 that specializes in asset management. real estate and financial assets.
Since the conditions were met, the squeeze-out was associated with 653,045 Advenis shares representing 5.24% of the capital. The suspension list is maintained until the execution of the squeeze-out.
Credit Suisse affected by State Street decline. The action of No. 2 in the Swiss banking sector fell 5.7% on Friday, to 6.198 Swiss francs. Credit Suisse came to a standstill after American management company State Street denied that it considered rumors of a possible acquisition of CS “unfounded”.
On Wednesday, financial blog Inside Paradeplatz said State Street may be interested in buying Credit Suisse, without citing its sources. A scenario met with skepticism by analysts.
Thursday, at a conference organized by Goldman Sachs, the boss of Credit Suisse, who was asked about the topic, answered these rumors with a joke: “My father once gave me advice:“ For those who really stupid question, there should be no comment. . ” So I think I’ll take my father’s advice. “