Vivendi: takeover bids due tonight for Editis

(CercleFinance.com) - According to Les Echos, the group has set this evening as the deadline for receiving offers to buy Editis.


This operation is carried out within the framework of the conditions requested by the competition authorities for the acquisition of Lagardere.

The financial daily indicates that Vincent Bolloré would however prefer a distribution of Editis to Vivendi shareholders. This would enable his group to retain 29.5% of Editis, according to analysts at Invest Securities.

Meanwhile, the European Commission would like to see a sale to a non-French book manufacturer of European scope.

Vivendi expects this sale to generate 700 million euros in cash (500 million euros in share value and 200 million euros in cash). Analysts at Invest Securities say that this represents a 15% discount to the price paid four years ago (850 to 900 million euros).

This price of 700 million euros gives a 2021-22 EV/Sales multiple of 0.8x-0.9x and an EV/EBITA of 13.7x-17.0x, they add.


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