2023-10-29 14:17:00
(Boursier.com) — The companies Maison Groult, Société de Gestion Billard et Hubert Grouès (Majority Shareholders) and Terrena are entering into exclusive negotiations with a view to the acquisition by Terrena of a majority stake representing approximately 77.95% of the capital of Tipiak SA (Controlling Block).
The transfer of the Control Block would be carried out at a price per Tipiak SA share of 88 euros, i.e. a valuation of 80.4 million euros for 100% of the company’s issued shares.
In the event of the acquisition of the Control Block being completed, Terrena will file a mandatory simplified public tender offer (OPAS) on the balance of the Tipiak SA shares at a price of 88 euros per share.
Terrena intends, in the event of reaching the legal threshold at the end of the OPAS, to implement a compulsory withdrawal of Tipiak SA shares not contributed to the OPAS, in accordance with the regulations in force.
The board of directors of Tipiak SA unanimously welcomed this proposed operation.
The conclusion of the agreement to acquire the Control Block can only take place after consultation with the respective staff representative bodies of the Tipiak and Terrena groups. The completion of the acquisition of the Control Block will remain subject to obtaining prior authorization from the Competition Authority.
The acquisition of the Control Block and the subsequent completion of the OPAS would probably take place during the first half of 2024.
“In order to strengthen and accelerate the development of Tipiak, the historic family shareholders have chosen to transfer control of the capital to a leading agricultural and food cooperative group, sharing the same values and corporate cultures, with a strong presence in the regions where Tipiak sites are located: Pays de Loire, Brittany, Nouvelle Aquitaine, Normandy”, justifies the management which adds: “The diversified activities and multiple skills of Tipiak and the Terrena group are complementary and serve a supply of quality, from aperitif to dessert.
At a price of 88 euros per Tipiak share, the offer would be formulated some 32% above the current price of 66.5 euros.
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