DBAY Advisors Limited offered to acquire remaining 71.4% stake in SQLI SA for approximately 100 million.
SQLI'S Board of Directors approved the main terms of the Tender Offer Agreement governing the respective commitments of the company and DBAY Advisors in connection with this transaction. On October 1, the Board of Directors of SQLI, following the recommendation of the ad hoc committee appointed Finexsi as an independent expert with a view to preparing the report on the financial conditions of the Offer. Concluding its analysis, the independent expert indicated that the Offer Price is equitable from a financial point of view for SQLI's shareholders so on November 9, 2021, The Board of Directors of SQLI unanimously approved transaction and recommended the holders of securities to tender their shares in the Offer. The tender offer will be filed with the AMF in the middle of the fourth quarter of 2021 and settled in the first quarter of 2022. As on November 24, 2021, proposed public tender offer targeting SQLI shares has been filled with AMF. As of February 1, 2022, 3.01 million shares have been tendered causing DBAY Advisors to hold 65.3% stake in SQLI. The offer will be reopened from February 2, 2022 to February 15, 2022 allowing shareholders who have not tendered their shares to do so at the same price of 31 per share. DBAY Advisors confirms intention to ask AMF to implement a squeeze-out procedure if number of shares not presented to offer by minority shareholders of SQLI does not represent, at the end of the reopened offer, more than 10% of the capital and voting rights of SQLI. Lamy Lexel Avocats Associés acted as legal advisor and Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to SQLI SA.