(Boursier.com) — Chargers logically soared by almost 30% to 11.6 euros the day after the surprise announcement of the launch of a takeover bid by Michaël Fribourg (CEO of the company) at a price of 12 euros per share. This operation, carried out by Colombus Holding and Colombus Holding 2, companies controlled at the highest level by Michaël Fribourg, aims to strengthen the coherence of the shareholder structure with its diversified model, its changes and its objectives.
The Board of Directors noted that the co-initiators are aiming for a significant majority of the capital while maintaining the company Chargeurs listed, with a significant level of free float to ensure solid liquidity of the shares. It welcomed the principle of this operation, pending the opinion of the staff representative bodies and the report of the independent expert.
If the premium is significant compared to recent months (33% compared to yesterday’s price and more than 50% compared to the weighted average price of the last 3 months), it is, according to TP ICAP Midcap (purchase ‘), far from reflecting the value of the group. With this offer, the Friborg family group reaffirms its confidence in the group’s prospects by offering itself time and more peace of mind to deploy its long-term strategic plan and at the same time offers an interesting liquidity window for shareholders who do not wish to not wait for the group’s cyclical activities to rebound in an environment that is still very uncertain, particularly for 2024.
Same story at Oddo BHF. The broker explains that the price of the takeover bid is in line with its current price target of 12 euros (which did not include a speculative premium). It implies the following valuation multiples: 2023 EV/EBIT of 16x and 2024 EV/EBIT of 10.5x. In the short term, this takeover offer thus offers a good exit window for existing shareholders but in the long term, it still seems relatively weak and does not take into account the expected rebound in activity over the coming quarters (point low which will be reached within Advanced Materials, good resilience of Fashion technologies and very good visibility within Museum Studios).
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