going private transactions in going private transactions in france

THE HOLDING OF 95% OF THE CAPITAL OR VOTING
RIGHTS OF THE ISSUER (Cont.) ( )
3° Filing a new public offer at a higher price;
4° Recourse to contribution agreements:
Key to success of PtoP transactions.
Not prohibited but efficacy constrained by the principle of the free play of offers
and counteroffers.
5° Acquisitions q of shares by y the controlling g shareholder outside the
offer period:
Great practical importance, when analysing PtoP precedents.
AAcquisitions i iti made d either ith th through h bl block k trades t d prior i tto a public bli offer; ff or on th the
stock market (stake-building).
Risk of greenmail from investment funds:
Several cases: Legris Industries (2003); Paribas Affaires Industrielles /
Grandvision (2003); Axa Private Equity / Camaïeu (2005); Buffalo Grill
(2005); APRR (2006); Alain Afflelou (2006)...
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