going private transactions in going private transactions in france

PUBLIC TO PUBLIC TRANSACTIONS
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Selected “Failed” Transactions (cont'd)
TARGET
MECATHERM
(Filing date: November 19 th 2003)
GRANDVISION
(Filing date: July 23 rd 2003)
LEGRIS INDUSTRIES
(Filing date: November 28 th 2003)
III P TO P CASE STUDIES
REASON FOR NOT REACHING 95%
UPFRONT SUBSEQUENT DEVELOPMENTS COMMENTS
Low premium perceived by market Following acquisitions on and off market
Financière Impala launched squeeze-out at €35
per share December 15th 2004 (vs. €27 in the
initial offer)
Interloper (Hal) increased its stake
from 8.95% to 32.95% during offer
period
Interlopers holding 5.1% (A
Bleichroeder) and 20.5%(Guy
Wyser Pratte) threatened not to
tender to the offer
Delisting of Mecatherm January 14 th 2005
Initial offer failed
In February 2004, Hal and founders filed new
tender offer at €25.50/share (vs. €21 in the initial
offer) ff )
Squeeze-out achieved
T.O. price was raised from €23 initially
announced to €26.2.
GWP sold its block to acquisition q vehicle just j
before the offer
AS Bleichroeder were offered convertible bonds
in acquisition vehicle (4.1%)
AS Bleichroeder tender their shares to the offer
Squeeze-out achieved
Note: Groupe Philippe Bosc and BD Lease excluded from sample due to minimal size
Provimi excluded from sample as stated upfront no intention to delist
Legris Industries included in the sample although successful due to specificities of transaction (interlopers, increase from initial announced offer price)
Average extra cost to bidder: €29
vs. €27 initial price
Hal initial stake of 8.95% was
known to the bidder before the
launch
A&B and GWP initial stakes
were known to bidder at the time
of the launch
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