Bolloré SE (ENXTPA:BOL) proposed to acquire remaining 90.66% stake in Société Industrielle et Financière de l'Artois Société anonyme (ENXTPA:ARTO) for ?2.8 billion on September 12, 2024. The tender offers will consist of alternative tender offers payable either in cash or in Universal Music Group (UMG) shares or a combination thereof for respectively all the shares of Financière Moncey Société anonyme, which are not held by Bolloré SE and the other companies of the Bolloré Group. Under the terms of the Bolloré SE?s tender offer on Société Industrielle et Financière de l?Artois, Cash offer is ?9,300 per Société Industrielle et Financière de l?Artois share, and Exchange offer is 407 UMG shares for 1 Société Industrielle et Financière de l?Artois share. As of December 23, 2024, Bolloré SE decided today to raise the price and the exchange ratio in Universal Music Group (UMG) shares of the public buyout offers followed by mandatory squeeze-outs, as per the revised terms of the Bolloré SE?s tender offer on Société Industrielle et Financière de l?Artois, Cash offer has been increased to ?10,627per Société Industrielle et Financière de l?Artois share, and Exchange offer to 453 UMG shares for 1 Société Industrielle et Financière de l?Artois share.

Completion of these offers is conditional upon the French Financial Markets Authority (AMF) clearance decision. In a related transaction, Bolloré SE announces its intention to launch buyout offers followed by mandatory squeeze-outs on the shares of Compagnie du Cambodge and Financière Moncey Société anonyme. As of April 17, 2025, Bolloré SE just discovered the announcement made today by French Financial Markets Authority, shortly after 5 p.m., that it had decided two days earlier to declare these offers non-compliant, and that the relevant grounds would be published at a later date.