(Boursier.com) — DBAY Advisors, reference shareholder of SQLI since 2019, has announced its intention to acquire all of the SQLI shares not held by it. The transaction will be carried out at a price of 54 euros per share as part of a public offer followed by a possible mandatory withdrawal.
In this context, Synsion BidCo – a company indirectly controlled by DBAY Advisors which holds 83.5% of SQLI’s capital and 80.9% of the theoretical voting rights – will be the initiator of the offer. The proposed simplified public purchase offer (OPAS) was filed with the AMF on September 20.
This offer is based on the observation that the operational functioning of the company in the event of delisting would be simplified in view of the provisions to which companies whose shares are admitted to trading on a regulated market are subject. In addition, given the current structure of its shareholders and the low volume of trading in SQLI shares on the market, the listing is of relatively little use to SQLI. Moreover, between 2023 and 2024, the average daily trading volume in SQLI shares fell by 39%.
The initiator therefore considers that the offer presents a liquidity opportunity for SQLI shareholdersHe also said that if the results allow it, he plans to implement a mandatory withdrawal on the company’s shares.
The proposed price values 100% of SQLI’s capital at around 252 million euros. and shows a bonus of:
– 37% on the price on the last trading day preceding the announcement (39.4 euros);
– 33% on the 60-day volume-weighted average price; and
– 31% on the 6-month volume-weighted average price.
Already, the funds Amiral Gestion and Moneta Asset Management, the company’s main institutional investors, have undertaken to sell their shares to Synsion Bidco prior to the opening of the offer, for the former, and to contribute their shares to the Offer, for the latter. In addition, individual shareholders, including certain employees, have also undertaken to contribute their shares to the offer. This sale and these contributions will be made at the offer price.
Overall, all of these commitments represent 5.1% of SQLI’s capital and 4.9% of theoretical voting rights.
The SQLI Board of Directors, meeting on September 18, welcomed the principle of the offer.
The offer could be finalized before the end of 2024.
Trading in SQLI shares will resume at the opening of the stock market session on Monday, September 23.
Let us recall that the action is on a last price of 39.4 euros.
Related News :