September 27, 2021 | Media | Europe | Ended

Lagardère / Vivendi: New Deal Insights

The five-year battle for control of French media, publishing, and travel retail conglomerate, Lagardère, is close to concluding following the announcement by rival Vivendi on 15-Sep-21 that it has struck a deal to buy Amber Capital’s (“Amber”) stake in Lagardère (17.9% share capital, 14.3% voting rights). The parties have agreed to a price of €24.10 per Lagardère share, representing a 24% premium to the target’s undisturbed price. Vivendi already controls 27.2% of Lagardère’s share capital (21.8% votes), and with Amber’s stake it will hold to 45.1% of the share capital and 36.1% of voting rights, thus exceeding the 30% mandatory offer threshold (share capital or voting rights) under French takeover rules. Consequently, once the stake acquisition completes, Vivendi must launch a ...

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