Jonjo
Mouseketeer
- Joined
- Feb 1, 2008
Le Figaro are reporting that L'Autorité des Marchés Financiers (AMF) have approved the Tender Offer submitted by The Walt Disney Company for Euro Disney S.C.A.
The Cash Tender Offer which was scheduled to start today has been postponed and shareholders will be advised when it will open. When it starts it will give Disneyland Paris shareholders the option to sell their shares at a cash price of €2.00 a share to TWDC.
If the Tender Offer is successful and TWDC owns at least 95% of Euro Disney at the end of the Offer they will then proceed to apply for a mandatory buy-out and delisting of Euro Disney from Euronext Paris stock exchange. If the tender is unsuccessful the €1.5 billion invest of Euro Disney by TWDC will still go ahead and the will be another recapitalisation and possible share dilution reducing the value of shares to around €0.60 I expect.
Here is the Le Figaro article in French and an English translation of the article via Google Translate can be found here
The Cash Tender Offer which was scheduled to start today has been postponed and shareholders will be advised when it will open. When it starts it will give Disneyland Paris shareholders the option to sell their shares at a cash price of €2.00 a share to TWDC.
If the Tender Offer is successful and TWDC owns at least 95% of Euro Disney at the end of the Offer they will then proceed to apply for a mandatory buy-out and delisting of Euro Disney from Euronext Paris stock exchange. If the tender is unsuccessful the €1.5 billion invest of Euro Disney by TWDC will still go ahead and the will be another recapitalisation and possible share dilution reducing the value of shares to around €0.60 I expect.
Here is the Le Figaro article in French and an English translation of the article via Google Translate can be found here
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