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Gemalto: Oddo still a buyer after Thales counter-bid

(CercleFinance.com) - Oddo maintains its "buy" rating on the Gemalto stock, having set its target price for the share at 51 euros, i.
e. the amount of Thales' counter-bid.

This represents a total equity value of 4.8 billion euros (5.6 billion euros including net debt) and has received the support from all members of Gemalto's board of directors, the broker says, which also emphasises that "by setting up a system of vouchers guaranteeing the free issues of shares, Gemalto's shareholders are also guaranteed an additional bonus of at least 9% in the event of a higher bid".

If this premium were to exceeds this 9% threshold, Thales has the option of not matching (the price) and Gemalto may terminate the agreement (in exchange for a termination indemnity of 60 million euros).

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