Fnac-Darty e Ruby have exceeded the minimum threshold for theBelt su Unieuro collecting 67,1% of the capital which, added to the 4,4% already owned, brings the Total participation at 71,5%.
This is stated in a note which indicates that, if the fixed 66,67% is exceeded and the 90% is not reached, the bidder can request the reopening of deadlines, expected, as anticipated, between the November 4th and 8th.
Unieuro passes into French hands
Launched last July 16th and started on August 30th, the takeover bid has collected the adhesion of 67,1% of the capital, which, added to the 4,4% already in French hands, brings the total participation to 71,5%, against a minimum validity threshold set at 66,7%. In fact, according to the provisions of the issuers' regulation, in the event of adhesions above the minimum threshold and below 90%, the offeror has the right to request and obtain the reopening of the terms.
“We are very pleased to announce that we have received the support of the large majority of Unieuro shareholders for our acquisition project – says the CEO of the French giant Enrique Martinez – exceeding the minimum threshold we had set”.
“We are convinced – he continues – that this operation will create added value for all our shareholders and partners”. “Between 4 and 8 November, a further period to join the offer is expected to open – he explains – which will give other shareholders the opportunity to bring their shares to adhere”. “We are very enthusiastic – he concludes – and we look forward to working with the Unieuro team as soon as the authorisations required by law are obtained”.
Unieuro, Kretinsky's moves
Last July 16th Fnac Darty and Ruby had put on the table 9 euros in cash plus 0,1 treasury shares for each Unieuro title, with a 42% premium on the previous day's closing. The group controlled by Czech billionaire Daniel Kretinsky points to 100% by Unieuro to then withdraw it from the Piazza Affari list. The initial validity threshold had been set at 90%, to then be lowered to 66,67%. The operation split the board of directors of Unieuro, which last October 18 decided by majority not to contribute its own shares, equal to 0,34% of the capital. To date, awaiting the delivery of the shares to Fnac-Darty and Ruby, the shareholding of Unieuro appears rather fragmented. 12,09% is in the hands of Iliad, 6,12% to the family of Joseph Silvestrini, son of the founder Vittorio, while 5,1% is owned by Amundi.
