Board of Directors of Lagardère SA has noted with satisfaction the results of the tender offer for the Company by Vivendi SE, which, taking into account the shares tendered to the main branch of the offer, now holds 55.43% of the Company’s capital.
On March 21, the Board of Directors issued a favorable recommendation on the offer, considering it to be friendly and in line with the interests of the Group and its stakeholders, in particular with regard to the intentions expressed by Vivendi SE to retain the Group as a whole, to ensure the continued growth and development of its activities, to preserve and develop the talent and involvement of its employees, and to maintain managerial continuity around Arnaud Lagardère, who will continue to serve as Chairman and Chief Executive Officer1.
The public offer will be reopened in its two branches, main and subsidiary, from May 27 to June 9, 2022. The final results of the offer and the level of participation reached by Vivendi SE at the end of this second period will be published by the French Financial markets authority (Autorité des marchés financiers) on June 14, 2022.
It should be noted, however, that pending the authorization of the takeover of the Group by the competition authorities, Vivendi SE will not exercise the voting rights attached to the shares acquired from Amber Capital and in the public offer, so that its shareholding will give it approximately 22.50% of the voting rights2.
1 The Board’s reasoned opinion is set out in full in the Company’s information memorandum in response approved by the French Financial markets authority (Autorité des marchés financiers) (n°22-107).
2 38,387,791 voting rights on the basis of a share capital of 141,133,286 shares representing 170,608,451 voting rights, in accordance with the second paragraph of Article 223-11 of the General Regulations (situation as of April 30, 2022, not taking into account the change in the number of double voting rights following the public offer)
Created in 1992, Lagardère is an international group with operations in more than 40 countries worldwide. It employs some 27,000 people and generated revenue of €5,130 million in 2021.
The Group is structured around two priority divisions: Lagardère Publishing (Book and e-Publishing, Board Games and Mobile Games) and Lagardère Travel Retail (Travel Essentials, Duty Free & Fashion, Foodservice).
The Group's operating assets also include Lagardère News and Lagardère Live Entertainment.
Lagardère shares are listed on Euronext Paris.