Takeover bid: OL Groupe, FIEBM and Kohl’s in the spotlight

Change of round table in sight for OL Groupe and OPR in perspective for FIEBM, mess on Twitter, end of the merger between Acerinox and Aperam, overtaken by JetBlue on Spirit Airlines, purchase offer by Kohl, not to mention the unfounded rumors about the Crédit Suisse acquisition of State Street: the major maneuvers continue with renewed vigor.

The news

On Euronext Paris

OL Groupe: towards a big change in the financing round. The holding, which specializes in the management of the Olympique Lyonnais club and in the management of its stadium, confirmed “that it is aware of the discussions between several potential investors and shareholders who have expressed an interest in the sale of their stake”, in particular Pathé and IDG which hold respectively 19.36% and 19.85% of the share capital. For the moment, nothing has yet been decided, although Jean Michel Aulas hopes to finalize the operation by 23 June. Meanwhile, the stock gained 20.6% on the week to € 2.98, bringing the capital gain to 49% year to date and capitalization to € 175 million.

FIEBM: takeover bid in sight at a price not yet fixed. By decision of the general meeting of 7 June 2022, the shareholders of Financière et Immobilière de l’Etang de Berre et de la Méditerranée authorized the sale of a property (campsite and commercial activity), for a total price of 20.5 million of Euro. In the event of completion of the transaction, the transfer of the assets would constitute the transfer of the main assets of FIEBM and would oblige the controlling shareholder of the company to enter into a public tender offer. The economic conditions of this public offer will be determined at a later date and will take into account the divestments of activities that will subsequently occur. Based on the latest price quoted on sector C (€ 8.65), up 86% from 1uh January 2022, the capitalization of the FIEBM amounts to 17 million euros.

In other markets

Twitter: Elon Musk blows hot and cold. The Tesla and SpaceX boss threatens to withdraw his purchase offer for lack of sufficient information. In a letter to the social network’s chief legal officer and posted on the Securities and Exchange Commission website, Elon Musk suggests that Twitter “actively resists” his inquiries about spam and fake accounts and, as a result, violates its obligations. And to add: “Mr. Musk reserves all resulting rights, including his right not to finalize the transaction.”

The platform refutes these allegations and will provide access to the data.

Recall that Elon Musk announced the acquisition of Twitter with a cash transaction, valuing the social network at 44 billion dollars. On Wall Street, Twitter’s stock is now trading below $ 40, well below the acquisition price ($ 54.20). The market seems to no longer believe too much in this operation.

Acerinox ends its proposed merger with Aperam. The Spanish giant announced on Monday that it would end discussions with its competitor Aperam, shortly after the announcement of a merger plan to create one of the world’s leaders in stainless steel.

Acerinox’s board of directors “has unanimously decided not to continue preliminary discussions with Aperam SA with a view to studying a possible merger,” the group told Comisión Nacional de Mercado de Valores, the Spanish equivalent of MFA.

The two companies announced Friday that they had initiated preliminary discussions for a “business combination”. But Acerinox nevertheless warned the market: “There is no certainty that the parties will reach an agreement”. The fact is that the wedding will not take place.

Spirit Airlines: JetBlue exceeds its offer. After launching a hostile takeover bid in mid-May, the American airline has decided to submit to the board of directors of Spirit Airlines an improvement proposal to oppose the merger with Frontier Group Holdings, parent company of Frontier Airlines, debated in the general meeting of 10 June.

JetBlue is now offering a combined consideration of $ 31.50 per share, consisting of $ 30 in cash at the close of the transaction and a $ 1.50 upfront payment of the breakout fee. This price shows a premium of 52.3% over the last price quoted before the announcement.

The new entity would generate approximately $ 11.9 billion in revenue, according to estimates based on 2019 revenues, the last year before the Covid-19 pandemic.

Is Kohl part of the Franchise Group? Following a purchase proposal, confirming information from the Wall Street Journal, the American store chain has entered into exclusive negotiations with Franchise Group (The Vitamin Shoppe, American Freight, Buddy’s Home Furnishings, etc.) for a period of three weeks .

Franchise Group offers to acquire Kohl’s for a price of $ 60 per share, a 42.5% premium over the last listed price on the New York Stock Exchange ($ 42.14), valuing the company nearly 7.7 billion. dollars.

Kohl’s, however, is keen to clarify, according to the established formula, that there is no certainty that these discussions will lead to an operation.

Operations in progress

1000thanks: the simplified tender offer expires on June 16, 2022. Positive YmpacT (controlled equally by the founders of 1000mercis), which holds with the founders at least 60.23% of the capital of this digital CRM and programmatic marketing expert, undertakes to acquire the shares not held at a unit price of 30 €. This price shows a premium of 28.2% on the last price quoted before the announcement and 34.5% on the average of the last 60 sessions. If the required conditions are met, Positive Ympact intends to request the implementation of a squeeze-out.

Itesoft: the simplified takeover bid is open until June 24, 2022. The concert of shareholders (CDML, SF2I, historical shareholders and members of the management committee), which holds 78.06% of the share capital, undertakes to purchase the shares not held at a unit price of 4 euros. This price shows a premium of 18.3% on the last price listed on sector C before the announcement of the transaction, on 30 September 2021, and a premium of 15.5% compared to the average of the last 3 months before that date. .

Rate this company specializing in document dematerialization software at nearly 25 million euros. It should be noted that the offeror does not intend to implement a squeeze-out, nor to request the delisting of the shares from Euronext Paris.

Hiolle Industries: draft note filed in response to simplified tender offer. In particular, it contains the report drawn up by the company Sorgem Evaluation, appointed by the Supervisory Board as an independent expert. It should be remembered that the Hiolle family group, which holds 80.01% of the capital of this group created in 1976, specialized in services to industry, undertakes to acquire the shares not held at a unit price of € 4.70. .

This price shows a premium of 29.8% compared to the price of May 3, 2022. It values ​​the company listed on Euronext Growth at 44 million euros, or half of the 2021 turnover (88.9 million euros, up 19% ). If the required conditions are met, a squeeze-out will be required.

The dimension comes out

CNP insurance: compulsory collection will take place on June 20, 2022. It will be n. 14,832,285 shares, representing 2.16% of the share capital and 1.41% of the voting rights, at a unit price of € 20.90 net of all costs. The suspension of the listing of CNP Assurance shares is maintained until the squeeze-out comes into effect.

Tivoli: compulsory collection will also take place on 20 June 2022. It will consist of 94,058 shares at a unit price of € 42.05 (including treasury shares), representing 8.49% of the share capital and 9.18% of the voting rights of this cutting tools specialist. The suspension of Tivoli’s trading is maintained until the implementation of the squeeze-out.

Advenis: the squeeze-out will take place on 21 June 2022. After the takeover bid at the price of 2.80 euros per share, which ended on June 8, the concert formed between Inovalis and Hoche Partners Private Equity Investors now holds 94.76% of the capital of this company specialized in real estate and financial asset management .

Since the conditions are already met, the squeeze-out will concern n. 653,045 Advenis shares representing 5.24% of the capital. The suspension of the listing is maintained until the implementation of the squeeze-out.

Market noise

Credit Suisse hit by State Street denial. The action of n. 2 in the Swiss banking sector fell 5.7% on Friday to 6,198 Swiss francs. Credit Suisse came to a halt after the US management company State Street was denied, deeming the rumors of a possible acquisition of CS “unfounded”.

On Wednesday, financial blog Inside Paradeplatz said State Street may be interested in buying Credit Suisse, without citing its sources. A scenario received with skepticism by analysts.

On Thursday, during a conference organized by Goldman Sachs, the Credit Suisse boss, when asked about the subject, responded to these rumors with a joke: “My father once gave me advice:” For really stupid questions there should be no comments. ” So I think I’ll follow my father’s advice. “

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