Tikehau Capital made an offer to acquire the remaining 41.2% stake in Salvepar (ENXTPA:SY) on January 9, 2017. Tikehau Capital will make a public tender offer wherein Salvepar shareholders and holders of convertible bonds (‘ORNANE') will have the option to exchange their respective securities for shares and convertible bonds of Tikehau Capital, to be issued on the basis of 2.6333 Tikehau Capital shares for 1 Salvepar share, and 1 Tikehau Capital ORNANE for 1 Salvepar ORNANE. In the alternative, shareholders and ORNANE holders who wish to do so may tender their securities to the simplified public tender offer at a price of €55.3 per Salvepar share and €61.63 plus accrued interest per Salvepar ORNANE.

The Board of Directors of Salvepar has approved the offer and considers the proposed transaction to be in line with the interests of Salvepar, its shareholders and its employees. As part of the reasoned opinion that it is required to issue in accordance with market regulations, the Board of Directors has also decided to recommend that its shareholders tender their shares in the offer. The offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations and is expected to be reviewed by January 31, 2017. The offer is expected to be launched between February 2, 2017 and February 22, 2017. BNP Paribas (ENXTPA:BNP) and Crédit Agricole Corporate & Investment Bank S.A. acted as financial advisors for Tikehau Capital. Leslie Jung from Image 7 served as the public relations contact on the deal for Tikehau Capital. Pierre-Yves Chabert, Anne-Sophie Coustel, Robin Barriere, Joris Estorgues and Cécile Mariotti of Cleary Gottlieb Steen & Hamilton LLP acted as a legal advisor to Tikehau Capital. Alexandre Omaggio, Aurore Lacroix and François-Xavier Beauvisage of FTPA acted as legal advisor to Salvepar.

As of January 31, 2017 the transaction got approval from French securities market regulator AMF. The bid will be voted at a general meeting of Tikehau Capital on February 28, 2017. As on February 28, 2017, Tikehau Capital approved the issuance of securities intended for the offer on Salvepar. In detail, Tikehau Capital is going to issue 7.2 million new shares and 1.2 millon ORNANE.


Tikehau Capital (ENXTPA:) completed the acquisition of 40.33% stake in SALVEPAR (ENXTPA:SY) on February 27, 2017. Tikehau Capital acquired 3 million shares. Tikehau Capital holds 99.24% stake in SALVEPAR (ENXTPA:SY).