PARIS, France, April 12, 1999 – Lagardère SCA (Paris – MMB) announced today that the company has filed a take-over bid with the “Conseil des Marches Financiers” (CMF) and the “Commission des Operations de Bourse” for the 55% of Europe 1 Communication that it doesn’t already own. Through its wholly owned subsidiaries, Hachette SA and Holpa, Lagardère already owns 45.11% of the capital and 54.78% of the voting rights of Europe 1 Communication.
Europe 1 Communication is based in Monaco and its shares trade on the Paris Bourse (“Marche a Reglement Mensuel”). Europe 1 Communication has 1,649,371 shares outstanding.
Lagardère’s offering price is 290 euros per Europe 1 Communication share.
The recent divestiture of Giraudy -the outdoor advertising subsidiary of Europe1 Communication- marks a strategic shift towards a strong development in the fields of new media (digital) & audiovisual, that are two top priorities for Lagardere.
Commenting on the bid, Arnaud Lagardère, Chairman of Europe 1 Communication and General Manager of Lagardère said, “Increasing our ownership of Europe 1 will give Lagardère greater flexibility in the search for potential partners.”