going private transactions in going private transactions in france

The search for practical means to secure the 95% or
alleviate the risk of falling short:
Large array of potential solutions, but all limited by law.
1° Public offer conditional upon the acquisition of the 95%:
Double limit: in law (for some kinds of offers) and in practice (for other
offers).
2° Price adjustments:
Decrease of the block price if the 95% threshold is not reached.
Problem of fairness.
Financial kicker for all shareholders if the 95% threshold is reached.
Accepted by the AMF in certain circumstances: cross-border industrial
transaction (Alcan on Pechiney, 2003); even in an LBO, under certain
conditions (Médiannuaire on Yellow Pages, 2006).
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