Groupe flo: The operator of Burger King offers 21 euros per share to remove Groupe Flo from the stock market


(BFM Bourse) – Suspended by Euronext on Friday, Groupe Flo shares rebounded by more than 60% for their resumption of trading on Monday. The majority shareholder Groupe Bertrand announced on Friday that it proposed to withdraw Groupe Flo from listing at a price of 21 euros per share.

The Bertrand group, controlling shareholder of Groupe Flo, has risen to 91.94% of the capital and will file with the Autorité des marchés financiers (AMF) a draft public offer for delisting, according to a press release.

Groupe Flo soared by more than 66% for its resumption of trading at 20.60 euros and thus settled on the price of 21 euros proposed by Groupe Bertrand. The title was suspended from trading at a last price of 12.40 euros on Friday.

This Friday, Groupe Bertrand concluded agreements with a view to acquiring from several shareholders, at a price of 21 euros per share, blocks representing “approximately 8.87% of the capital and 5.19% of the voting rights” of Groupe Flo, announces the latter.

Following this acquisition, Groupe Bertrand holds 91.94% of the capital and 95.19% of the voting rights of the commercial catering group Flo, which at the end of June had 121 restaurants -owned or franchised-, mainly Hippopotamus, but also historic breweries and concessions.

Delisting from Groupe Flo by the end of the year

In the process, Groupe Bertrand plans to file “with the Autorité des marchés financiers, during the fourth quarter of 2022”, a draft public buyout offer followed by a squeeze-out on Groupe Flo, at the same price, continues the press release.

“In this context, Groupe Flo will meet, as soon as possible after the completion of this acquisition, its board of directors to examine the follow-up to be given to the offer announced by Groupe Bertrand”, he indicates.

In particular, he wants to “constitute an ad hoc committee made up of a majority of independent directors and appoint an independent expert responsible for submitting a fairness opinion”.

Groupe Bertrand is the number one independent catering company in France, with some 850 restaurants: it owns the franchise for France of the Burger King fast food chain, the Hippopotamus, Léon, Au Bureau and Volfoni brand restaurants and even great Parisian brasseries like Lipp, La Coupole or Le Vaudeville.

(With AFP)

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