Caspar made a tender offer to acquire 36.9% stake Oeneo SA for approximately €320 million.
December 09, 2019
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Caspar made a tender offer to acquire 36.9% stake Oeneo SA (ENXTPA:SBT) for approximately €320 million on December 10, 2019. Under the terms, Caspar will pay €13.5 per share of Oeneo. The Offer will be followed by a squeeze-out procedure if the legal and regulatory conditions are met. The indicative offer timetable anticipates that the Offer would be open on January 23, 2020. Oeneo’s Board of Directors has set up an ad hoc committee, made up of independent members. Upon recommendation from this committee, the Board has appointed Eight Advisory, represented by Geoffroy Bizard, as independent expert to draw up a report on the financial terms of the Offer including the squeeze-out procedure. The Offer should be opened and completed within the first quarter of 2020. Banque Hottinguer, BNP Paribas SA (ENXTPA:BNP) and Crédit Agricole Corporate and Investment Bank S.A. acting as financial advisors for Caspar. As of January 8, 2020, The proposed bid is expected to run from January 23, 2020 to February 5, 2020. Jean-Marc Franceschi of Hogan Lovells acted as legal advisor to Caspar.
Oeneo is the world's No. 1 of cooperage for winemaking and the world's No. 2 of wine corking products. Net sales break down by family of products as follows:
- corking products (70.2%): primarily high-tech cork stoppers for still wines, sparkling wines, and fortified wines, for the Diam and PIETEC lines;
- cooperage (29.8%): casks, barrels, tanks, drums and alternative products (powders, wood chips, and staves) marketed under the Seguin Moreau, Boisé, Tonnellerie Millet, Fine Northern Oak and Galileo brands.
Net sales are distributed geographically as follows: France (28.7%), Europe (39%), America (25.1%), Oceania (1.7%) and other (5,5%).
OENEO 
