Eutelsat: snubs Drahi's offer, but share price stratospheric
(CercleFinance.com) - On Thursday Satellite operator Eutelsat confirmed that it had rejected a takeover offer from Patrick Drahi, the owner of the telecoms group Altice.
In a statement issued early today, the group said that the proposal made by the Franco-Moroccan billionaire valued each of its shares at 12.10 euros each, cum-dividend.
This offer was unanimously rejected by the company's competent governance bodies, Eutelsat said.
However, this rejection has not prevented its share price from soaring up to 17% this morning in Paris, by far the sharpest riser in the SBF 120 index, which itself is up a timid 0.8%.
At current levels, the share is close to the price offered by Drahi, giving it a market capitalisation of around 2.8 billion euros.
According to several market sources, the initial offer has been postponed, although discussions are reportedly still ongoing.
Following market rumours yesterday, Eutelsat said on Wednesday evening that it had received an unsolicited, preliminary and non-binding proposal from Patrick Drahi.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
In a statement issued early today, the group said that the proposal made by the Franco-Moroccan billionaire valued each of its shares at 12.10 euros each, cum-dividend.
This offer was unanimously rejected by the company's competent governance bodies, Eutelsat said.
However, this rejection has not prevented its share price from soaring up to 17% this morning in Paris, by far the sharpest riser in the SBF 120 index, which itself is up a timid 0.8%.
At current levels, the share is close to the price offered by Drahi, giving it a market capitalisation of around 2.8 billion euros.
According to several market sources, the initial offer has been postponed, although discussions are reportedly still ongoing.
Following market rumours yesterday, Eutelsat said on Wednesday evening that it had received an unsolicited, preliminary and non-binding proposal from Patrick Drahi.
Copyright (c) 2021 CercleFinance.com. All rights reserved.