Société de la Tour Eiffel is preparing to turn the page on its public listing. In a press release issued today, Société Mutuelle d'Assurance du Bâtiment et des Travaux Publics (SMA BTP) and its life insurance arm, SMAvie BTP - acting in concert with SMA SA and Imperio - formalized their intention to acquire the shares they do not yet own.

An exit offer at 8.20 EUR per share

The offer, presented by Portzamparc (BNP Paribas Group) acting as the guaranteeing institution, proposes a price of 8.20 EUR per share. This draft public buyout offer (OPR) will automatically be followed by a mandatory squeeze-out (RO). This means that upon completion of the offer, minority shareholders who have not tendered their shares will be compensated at the same price, and the company will be delisted from Euronext Paris.

A tight schedule

Although the final dates remain subject to approval from the Autorité des marchés financiers (AMF), the broad outlines of the operation are already set: the offer period will last 10 trading days, and the next step will be the publication of the official timetable by the AMF following its compliance review.

Rationale for the delisting

This move to "go private" comes as no surprise to the market. For the construction industry insurer, this operation simplifies the REIT's ownership structure and removes the constraints associated with a public listing, particularly in a real estate market where stock valuations often suffer from significant discounts to Net Asset Value (NAV).

For shareholders, this 8.20 EUR offer represents the final liquidity window before the stock definitively disappears from the Paris market's radar.