Emergence g of PtoP <strong>transactions</strong> <strong>in</strong> the early y 2000’s: Strong potential: 55% of French companies with a stock exchange capitalisation of less than € 100 million. million But less prevalent <strong>in</strong> France than <strong>in</strong> the US or even the UK: Fewer than 10 <strong>transactions</strong> a year, i.e. less than 10% of all delist<strong>in</strong>gs. 12
PUBLIC TO PUBLIC TRANSACTIONS Overview of “Public to Private” Transactions <strong>in</strong> France s<strong>in</strong>ce 2000 P2P <strong>in</strong>volv<strong>in</strong>g f<strong>in</strong>ancial buyers III P TO P CASE STUDIES Announced T A i Target Value ( €) % held by the ma<strong>in</strong> h h ld (2) ment date Target Acquiror (m€) shareholder % secured before the i (4) N % held after the i Spot i Premium (Announcement - 1 h) Premium (Announcement - 3 h ) (2) transaction (4) Nature transaction premium month) 3 months) 24/07/2006 PagesJaunes Groupe Kohlberg Kravis Roberts & Co. – 6119 54% 54% Gar. Cours Impend<strong>in</strong>g -0,18 -8,41 SA KKR 12/05/2006 TLD Group SA Axa Private Equity 81,45 85,45% 95,03% OPA 98,85% -8,24 1,74 19/03/2006 Elior Hold<strong>in</strong>g Bercy Investissement SAS 2 257,1 19,34% 19,34% OPA 95,49% 3,47 4,69 24/02/2006 Ala<strong>in</strong> Afflelou 3 AB Optique Développement SAS 545,641 39% 61,10% OPA 76,75% 22,22 20,39 14/12/2005 APRR Eiffarie 6890 74,66% 74,66% Gar. Cours 81,4% 37,1% 37,1% 39,9% 29/12/2005 Algeco g Ristretto SAS (TDR ( Capital p Partnerships) 322,58 53,50% 66,98 Gar. Cours 98,89% 40,7% 41,9% 41,% 22/11/2005 Pochet SA F<strong>in</strong>ancière Prato SAS 234 97,03% 97,03% OPRO 99,65% 18,18 18 18,1 20/09/2005 Rocamat Rocaf<strong>in</strong> (LBO France SA) 11 46,56 74,66% OPAS 77,66% 20 21,6 21,5 22/07/2005 Taitt<strong>in</strong>ger Star GT 2362,7 68,9 68,9 Gar. Cours 97,42% 14,3% 8,6% 22,3% 22/07/2005 Société Louvre Star GT Acquisition / G. Taitt<strong>in</strong>ger 1691,4 44,1% 65,5% OPAS 96,4% 22,2% 20,3% 26,7% 12/07/2005 Ala<strong>in</strong> Manoukian BCBG Max Aziza Group Europe 64,5 63,1% 89,3% Gar. Cours 98,4% 1,6% 3,3% 17,3% 08/07/2005 / / Buffalo Grill Colonyy 200,0 , 49,5% , 75,5% , OPAS 82,9% , 19,0% , 14,0% , 11,0% , 02/06/2005 Groupe Philippe Bosc Atria Capital Partenaires 48,5 96,17% 96,17% OPRO 97,70% 28,17 36,40 32,75 23/03/2005 Rexel Ray Acquisition SCA 3150,1 73,45 73,45 Gar. Cours 98,52% 6,9% 7,5% 10,6% 01/03/2005 Colectica Engelhard Corp 61,6 58,56 77,78% Gar. cours 98,61% 2,8 12,1 19 08/02/2005 Parcours SA FCPR AtriA Private Equity Fund II 243,41 58,65 58,65 OPAS 95,90% 22,1 29,00% 31,73 31/01/2005 Camaïeu F<strong>in</strong>ancière Addax 451,3 28,9% 39,8% OPAS 40,1% 13,0% 15,6% 18,4% 08/04/2004 Vivarte PAI 1177,0 71,0% 69,4% (9) OPAS 99,1% 0,5% 1,2% 7,4% 09/07/2004 Sp Sportfive rtfi Ad Advent t Intl. I tl Corp C rp 210 210,00 97 97,8% 8% 97 97,8% 8% OPAS 98 98,0% 0% 21 21,3% 3% 50 50,6% 6% 18 18,3% 3% 28/11/2003 Legris Industries Frégate 223,3 65,3% 61,3% Gar. Cours 97,1% 38,9% 43,8% 38,3% 14/11/2003 Mecatherm F<strong>in</strong>ancière Impala 108,0 53,8% 53,8% OPAS 88,0% 2,9% 2,8% 13,7% 25/07/2003 FPEE Atria 108,7 74,9% 74,9% OPAS 95,0% 8,7% 15,0% 22,1% 23/07/2003 Grandvision PAI Partners 636,3 22,9% 22,9% OPAS 35,3% 15,1% 22,9% 37,7% 20/06/2003 Petit Boy Banque de Vizille 14,4 86,3% 86,3% OPAS 95,5% 37,9% 42,1% 40,7% 06/06/2003 / / AES Labo. ABN Amro 122,8 49,6% 49,6% OPAS 95,2% 4,2% 15,6% 26,5% In blue: 95% threshold missed after <strong>in</strong>itial offer 14 (1) Transactions realized after the ma<strong>in</strong> offer at the same price and the same premium as compared to the share price before the first offer (2) <strong>in</strong>cl <strong>in</strong>cl. Treasury Shares (3) excl. operations on MB Electronique, Legrand and Sportfive (4) <strong>in</strong>cl. Contribution engagement (5) Premium announcement - 6 months (6) Vot<strong>in</strong>g rights > 95% (7) Premium announcement - 20 days (8) Premium announcement - 60 days (9) Vivarte is act<strong>in</strong>g <strong>in</strong> concert with 2 shareholders hold<strong>in</strong>g 14 14% 13
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