Takeover bids, mergers… operations multiply

Simplified takeover bid on 1000mercis (programmatic marketing), merger of Euronav with Frontline (maritime transport), offer on Atlantia (motorways), outbidding on Spirit Airlines (low cost airline): the market is moving forward again, without forgetting the round of financing changes (Banco BPM, Mercialys, Atari, Twitter). What you need to know.

The news

1000thanks: the simplified takeover bid of the founders is imminent. M.myself Yseulys Costes and Thibaut Munier contributed all of their 1000mercis shares to Positive YmpacT on the basis of a contribution value of € 30 per share. Following this contribution, and taking into account the shares acquired, Positive YmpacT now holds 58.20% of the capital of this digital CRM and programmatic marketing expert. As announced on March 17, 2022, the completion of this contribution will be followed, in the next few days, by the filing of a simplified takeover bid at the same price of € 30 per share. This price reflects a premium of 28.2% over the last quoted price prior to the announcement. If the conditions are met, it is envisaged to request the implementation of a squeeze-out.

The Belgian group Euronav wants to merge with its Danish competitor Frontline. The two companies specializing in the maritime transport of petroleum products have signed a term sheet (letter of intent) in view of a possible merger that would create the world leader in the sector with a fleet of 69 supertankers and 57 Suezmax. This operation would be carried out on the basis of an exchange ratio of 1.45 Fontline shares for 1 Euronav share, valuing the latter at 12.50 euros, so that Euronav and Frontline shareholders hold 59% and 41% respectively. of the new whole. Euronav is expected to pay dividends of up to 12 cents per share before the close of the transaction, with no impact on the exchange ratio.

ACS considers the offer for Atlanta. “In connection with the information published by a specialized media about ACS’s possible interest in Atlantia, we can confirm that ACS has an exclusive agreement with two large international investment funds under which ACS will acquire the majority of the motorway concessions sector, the group said, confirming information from the Bloomberg agency. Please note that Atlantia and ACS are joint owners of Abertis, owner of the French Sanef motorways. The Benetton family, which owns 33% stake in Atlanta, informed private equity firms Global Infrastructure Partners (GIP) and Brookfield Infrastructure on Thursday that they are not interested in their proposed acquisition.

Spirit Airlines: JetBlue surpasses Frontier’s offer. The American airline confirmed that it had submitted a proposal to the board to acquire Spirit Airlines at a price of $ 33 per share. This price shows a 50.3% premium over the April 4, 2022 price and values ​​this low cost airline at $ 3.6 billion. The new entity would make about $ 11.9 billion in revenue, according to estimates based on 2019 revenues, the last year before the Covid-19 pandemic that precipitated aviation.

Operations in progress

CNP Assurances: draft of note filed in response to simplified tender offerIS. In particular, it contains the report drawn up by the Ledouble firm, appointed by the Board of Directors, as an independent expert. It should be remembered that La Banque Postale (LBP), which holds 78.95% of the share capital of CNP Assurances, undertakes to purchase the shares not held at the unit price of 21.90 euros (2021 dividend attached). This price shows a premium of 36.2% on the last price quoted before the announcement (16,075 euros), on October 26, 2021, and a premium of 52% on the average of the last 3 months before that date, evaluating CNP Assurances 15 billion euros. If the required conditions are met, LBP intends to request the implementation of a squeeze-out.

Groupe Open: the simplified tender offer expires on Wednesday 13 April 2022. New Go, a company controlled by the founding directors of Groupe Open in concert with Montefiore Investment, which holds at least 91.14% of the share capital of this digital services company, undertakes to purchase the shares not held at a unit price of 33.50 EUR. This price shows a premium of 20.9% compared to the price of January 7, 2022 and a premium of 33.7% compared to the average of the last 60 sessions. Since the required conditions are already met, New Go will implement a squeeze-out.

Get out of the dimension

Grévin Museum: compulsory collection will take place on Tuesday 12 April 2022. This will consist of 9,869 shares at a price net of all costs of 66 euros per share, equal to 1.96% of the capital of the company, a subsidiary of Compagnie des Alpes (CDA).

Round table

Crédit Agricole acquires 9.18% of the share capital of Banco BPM. Following purchases on the stock exchange and an operation with a leading financial institution, Crédit Agricole acquired a 9.18% stake in the capital of the Italian bank Banco BPM. The transaction “strengthens the solid relationships maintained with Banco BPM, embodied by the consolidated strategic partnership in consumer credit within the Agos joint venture”, explains the bank, which specifies that it has not requested the authorization of the supervisory authorities to cross the threshold of 10% of Banco BPM’s capital.

Casino sells the balance of its stake in Mercialys. Following the sale of 6.5% of the capital of Mercialys as part of a total return swap (TRS) concluded on February 21, 2022 (and now settled), the Casino group proceeded, on Monday April 4, 2022, to sell the balance of its stake in Mercialys, equal to 10.3% of the capital, with a new TRS. Following this transaction, the Casino group no longer holds any voting rights in this real estate company specializing in shopping centers. The proceeds from the sale of this operation were 86 million euros.

Atari: Irata beyond the 20% threshold. After subscribing to the capital increase, the American company Irata, controlled by Mr. Wade J. Rosen, passed the 20% threshold and now holds 21.37% of the capital of this interactive entertainment publisher. Mr. Wade J. Rosen is acting alone and plans to continue his share purchases, depending on market conditions, as stated in a letter addressed to the MFA. However, he does not plan to acquire control of Atari, supports his transfer to Euronext Growth and has no other plans regarding the company’s strategy.

Twitter: Elon Muk invites to the tour de table. Tesla CEO Elon Musk now owns 73,486,938 Twitter shares, which represents a 9.2% stake in the bluebird network, according to the SEC. A disconcerting participation as the boss of the American car group had expressed at the end of March his desire to launch his own network in defense of freedom of expression. The microblogging site’s share jumped 17.5% to $ 46.17 over the week, bringing market capitalization to $ 36.9 billion.

Know

Prisa: Vivendi decides not to increase its share. The media giant has given up on increasing its stake beyond the 10% threshold in the Spanish media group, which owns El Pais, Santillana, Cadena SER, Radio Caracol, AS or even Los 40 Principales, without specifying the reasons. At the end of October Vivendi had asked the Spanish government for authorization to be able to increase its share to 29.9%, against the current 9.9%. Vivendi informed Prisa that she would finally give up “her request to obtain authorization from the Council of Ministers,” Prisa said.

Altrad acquires Endel from Engie. After starting exclusive negotiations with the Engie group in August 2021, Altrad confirms the effective acquisition of Endel, on 1is April 2022. The agreement was concluded after the validation of the transaction by the regulatory authorities and after hearing the opinion of the employee representative bodies. Endel is “a leading French company, with know-how and expertise in mechanical engineering and metallurgy, with unrivaled capabilities in many sectors, including the nuclear industry,” explains Altrad. .

M6 sells 6ter to Altice Media under suspensive conditions. After having obtained the opinions of the representative bodies of the competent employees of the M6 ​​Group, the M6 ​​Group and Altice Media today signed the contract for the sale of the 6ter channel, the completion of which remains subject in particular to the agreement of the Autorité de la competition and ARCOM, as well as the actual completion of the merger operation between the M6 ​​and TF1 groups.

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