February 09, 2021 | Financials | Europe | Ended

Natixis / Groupe BPCE: New Deal Insights

French financial cooperative BPCE has offered to buy out minority shareholders of its troubled investment banking subsidiary, Natixis, for €4.00 per share (cum dividend). The acquirer is trying to buy the remaining 29.3% that it does not already own through a public tender offer at a 15.5% premium over Natixis’ share price on 5-Feb-21, and a 39.6% premium to the target’s closing price on 11-Jan-21, the day before the market began to speculate of a renewed corporate event. In July 2020, the Financial Times broke a story about BPCE exploring a buyout for its remaining stake, but after BPCE confirmed that it did not intend to file a draft tender offer for Natixis, the acquirer was reportedly subject to a mandatory six-month lock-up, which only expired on 17-Jan-21. We now have a firm offer ... Deal risks assessed in this research report: • Deal termination upon failure to reach the 90% minimum acceptance threshold (due to activist-BPCE game theory)

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