Hal Trust to launch takeover bid for GrandVision

The Dutch Hal Trust came to an agreement with the directors and shareholders of GrandVision for the launch of a takeover bid for the optics distributor at a unit price of 25.5 euros.

Confirmation of the agreement, revealed today in Les Echos, was reached some months after an unsuccessful acquisition attempt by the Pai Investissement trust at a unit price of 21 euros. The takeover failed as Hal Trust upped GrandVision's capital to 32.83%.

The directors of GrandVision, some shareholders who hold about 16.58% of the capital (Daniel Abittan, Michael Likierman, Philip Gwyn, Elie Vannier and Jean-Luc Sélignan) and Hal Trust set up a holding called Multibrands, to which GrandVision's shareholders and directors transferred their respective shares at a unit price of 25 euros.

The shareholders have 16.58% of the capital and 27.92% of the voting rights in GrandVision, whereas Hal Trust holds 32.83% of the capital and 28.9% of the voting rights. The holding will launch a takeover bid for the 50.59% which it does not yet own.

'The price of 25.5 euros represents a premium of 21% on GrandVision shares, a price that the shares had not yet reached by October 2000', Vannier underscored.

Assuming that Multibrands manages to acquire, either individually or jointly, at least 95% of the voting rights in GrandVision, it could launch a recall takeover bid followed by a compulsory recall of publicly-owned shares in GrandVision, in addition to the recall of listed shares.

Through this offer Hal's objective is to build up the volume of GrandVision business.

(Source: Acuité)