(AOF) – The Paredes group proposed on June 21, 2023 to the two main shareholders of Orapi to form a new integrated entity. Mr. Guy Chifflot, the founder and first shareholder of Orapi, directly and indirectly via the companies La Financière MG3.F. and GC Consult, agreed to sell to Paredes its 2,315,265 shares representing 34.8% of the capital and its 2,242,763 ORA 2 (bonds redeemable in shares) potentially representing an additional 11.5% of the capital, once redeemed in shares .
Following additional discussions aimed at strengthening the attractiveness of the offer vis-à-vis all shareholders, Paredes made a new offer to the Chifflot Group on July 25, 2023 based on a price per share increased to 6.50 euros (against 5.88 euros previously, an improvement of 11%).
This offer is also based on a price per ORA 2 adjusted to their nominal value, ie 5.20 euros (compared to 5.88 euros previously).
This improved offer primarily benefits small holders and funds advised by Kartesia Management Sàrl, which do not have for the first, and in a limited proportion for the second, ORA 2.
It represents a constructive approach by Paredes vis-à-vis all shareholders, which improves its offer compared to that announced on June 27 and 28, 2023 and is now based on an enterprise value of 80 million euros, i.e. more than 8.3x the pre-IFRS 16 EBITDA (which is the real indicator of cash generation) achieved by the Orapi group in 2022, i.e. 9.7 million euros.
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