Despature family made a tender offer to acquire the remaining 26.1% stake in Somfy SA (ENXTPA:SO) for Ç1.3 billion on November 15, 2022. The offer price is Ç143 per share. The Despature family group already owns 73.9% of Somfy share capital. The Initiators intend to conduct a squeeze-out of all shares not tendered to the Offer by minority shareholders of Somfy, provided the latter account for no more than 10% of SomfyÆs share capital and voting rights upon conclusion of the Offer. Tender Offer period runs from December 22, 2022 to January 12, 2023. At a meeting held on November 15, 2022, Somfy's Board of Directors unanimously welcomed the principle of the Offer on the basis of a preliminary recommendation by its ad hoc committee. The ad hoc committee, formed by the Board of Directors in preparation for the Offer, consists of three independent members. At its meeting of 7 December 2022, the Board of Directors recommended that the CompanyÆs shareholders tender their shares to the Offer. Finexsi acted as fairness opinion provider for the ad hoc committee. SociTtT GTnTrale acted as registrar for the offer. Emmanuel Masset, Louis Cochou, Edouard Sicot, Karine Sultan, Delphine Guillotte, Alice Haddak-Latour and Laetitia Tombarello of Bredin Prat advised Despature family. Yves Schmidt of ViguiT Schmidt & AssociTs and Jean-Frantois Louit and Sami Toutounji of Gide Loyrette Nouel advised Somfy on the transaction.
Despature family completed the acquisition of remaining 26.1% stake in Somfy SA (ENXTPA:SO) on January 12, 2023.