In the wake of the success of its takeover bid, Peugeot Frères Industrie will proceed with the compulsory delisting of Tivoly. This acquisition allows the Peugeot family group to strengthen its position in tooling, the company's original sector.
This is the end of the stock market journey for the company Tivoly, now more than 90% controlled by one of the companies of the Peugeot family, Peugeot Frères Industrie, via the company "Holding Tivoly". Beyond this threshold, the stock market regulations allow the initiator of the takeover bid to withdraw the action from the listing, a delisting which will take place on June 20.
Peugeot Frères Industrie is an unlisted subsidiary (unlike Peugeot Invest, which weighs nearly 3 billion euros on Euronext) of Establishments Peugeot Frères, the holding company of the Peugeot galaxy, founded in 1851. The operation on Tivoly also concerns a sector which was the original sector of the company, tooling.
Following its simplified takeover bid, Holding Tivoly (majority owned by Peugeot Frères Industrie, itself a subsidiary of Etablissements Peugeot Frères, the leading holding company of the Peugeot galaxy) holds 1,013,932 shares in the specialist Savoyard of drilling and cutting tools, i.e. 91.51% of the capital. As the company already holds 0.48% of its own capital, only 8.01% remains uncontributed.
As expected, the offeror will request the compulsory withdrawal from the Parisian listing, the independent expert mandated for this purpose having concluded that the price offered is fair in view of a compulsory withdrawal. The squeeze-out includes the same payment in cash as that proposed during the offer, ie 42.05 euros per share, it being understood that this compensation will be net of all costs. The operation will take place on June 20, without the last shareholders having to take any action (nor can they oppose it, since it is the principle of a compulsory withdrawal).
This is the end of the stock market journey for the company Tivoly, now more than 90% controlled by one of the companies of the Peugeot family, Peugeot Frères Industrie, via the company "Holding Tivoly". Beyond this threshold, the stock market regulations allow the initiator of the takeover bid to withdraw the action from the listing, a delisting which will take place on June 20.
Peugeot Frères Industrie is an unlisted subsidiary (unlike Peugeot Invest, which weighs nearly 3 billion euros on Euronext) of Establishments Peugeot Frères, the holding company of the Peugeot galaxy, founded in 1851. The operation on Tivoly also concerns a sector which was the original sector of the company, tooling.
Following its simplified takeover bid, Holding Tivoly (majority owned by Peugeot Frères Industrie, itself a subsidiary of Etablissements Peugeot Frères, the leading holding company of the Peugeot galaxy) holds 1,013,932 shares in the specialist Savoyard of drilling and cutting tools, i.e. 91.51% of the capital. As the company already holds 0.48% of its own capital, only 8.01% remains uncontributed.
As expected, the offeror will request the compulsory withdrawal from the Parisian listing, the independent expert mandated for this purpose having concluded that the price offered is fair in view of a compulsory withdrawal. The squeeze-out includes the same payment in cash as that proposed during the offer, ie 42.05 euros per share, it being understood that this compensation will be net of all costs. The operation will take place on June 20, without the last shareholders having to take any action (nor can they oppose it, since it is the principle of a compulsory withdrawal).
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