going private transactions in going private transactions in france

A) Duality of going private procedures
1) The traditional procedure: a squeeze-out preceded by a buyout
offer
Two possibilities for the controlling shareholder:
1) Reservation of the right to proceed with a squeeze-out after the offer, depending on
the results;
2) Automatic implementation on the closing of the buyout offer, whatever the results.
Impact on the conditions of the buyout offer:
Buyout offer in cash;
Guarantees on the valuation of securities.
IIn practice: ti
25% of cases: the controlling shareholder had held the 95% for some time;
75% of cases: buyout and squeeze-out preceded by a recent increase in the controlling
shareholder’s h h ld ’ hholding ldi iin the h company.
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