Vivendi: will finally delist Havas.
(CercleFinance.com) - There has been a change in program between Havas and Vivendi.
Initially, the latter's simplified takeover bid on the former was not to be followed by a delisting of the Havas share from the Paris stock exchange. However, this will finally be the case, and a file for a buyout offer followed by a squeeze-out of Havas shares is expected to be filed in November.
At the end of the simplified takeover bid offer period at 9.25 euros, last week (on 4 October), Vivendi held 94.75% of Havas' capital. Vivendi's intentions, translated by the various documents published with the AMF, were unambiguous until now: the offeror does not intend to ask the AMF to implement the withdrawal procedure (of Havas shares) at the end of the offer (...), nor will it ask Euronext Paris to cancel the company's shares, with Vivendi wanting to keep Havas listed with a sufficient level of free float to ensure the share's liquidity, the draft notice dated on 30 August stated, amongst other things.
However, since then one or more unidentified investors, who obviously did not tender to the offer, asked Vivendi to buy back a 1.6% stake - still at 9.25 euros per share. Vivendi accepted this and its own its stake in Havas' capital will therefore exceed the regulatory threshold of 95%, reaching 96.3%.
Furthermore, Vivendi believes that these new details change the situation and that the Havas share will no longer have sufficient free float to guarantee the stock's liquidity. Vivendi therefore announced yesterday that it will implement a buyout offers followed by a squeeze-out on Havas under the same terms, i.e. at a share price of 9.25 euros.
Vivendi will file the necessary documents with the AMF in November.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Initially, the latter's simplified takeover bid on the former was not to be followed by a delisting of the Havas share from the Paris stock exchange. However, this will finally be the case, and a file for a buyout offer followed by a squeeze-out of Havas shares is expected to be filed in November.
At the end of the simplified takeover bid offer period at 9.25 euros, last week (on 4 October), Vivendi held 94.75% of Havas' capital. Vivendi's intentions, translated by the various documents published with the AMF, were unambiguous until now: the offeror does not intend to ask the AMF to implement the withdrawal procedure (of Havas shares) at the end of the offer (...), nor will it ask Euronext Paris to cancel the company's shares, with Vivendi wanting to keep Havas listed with a sufficient level of free float to ensure the share's liquidity, the draft notice dated on 30 August stated, amongst other things.
However, since then one or more unidentified investors, who obviously did not tender to the offer, asked Vivendi to buy back a 1.6% stake - still at 9.25 euros per share. Vivendi accepted this and its own its stake in Havas' capital will therefore exceed the regulatory threshold of 95%, reaching 96.3%.
Furthermore, Vivendi believes that these new details change the situation and that the Havas share will no longer have sufficient free float to guarantee the stock's liquidity. Vivendi therefore announced yesterday that it will implement a buyout offers followed by a squeeze-out on Havas under the same terms, i.e. at a share price of 9.25 euros.
Vivendi will file the necessary documents with the AMF in November.
Copyright (c) 2017 CercleFinance.com. All rights reserved.