May 05, 2023 | Technology | Europe | Ended

Majorel / Teleperformance: Deal Insights

French call centre operator Teleperformance announced on 26-Apr-23 its plan to acquire its smaller Dutch-listed and Luxembourg-incorporated rival, Majorel, through a cash and stock voluntary takeover offer. Having received irrevocable undertakings from the target’s main shareholders, who collectively own 78.98% of Majorel, Teleperformance intends to launch a tender offer for 100% of the company at a headline price of €30 per Majorel share. At the initial announcement, the cash consideration offered Majorel shareholders a 43.2% premium to the previous day’s closing price. Majorel shareholders can alternatively elect to receive Teleperformance shares for a portion of the total consideration, at an exchange ratio of 0.1382. Importantly, this is capped at a maximum of 1/3 of the target’s equity (€1bn, approximately 4.6m Teleperformance shares), and if share elections exceed the cap, elections will be scaled down on a ...

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