Vivendi to Acquire Amber Capital's 17.5% Stake in Lagardere

By Ed Frankl

Vivendi SE said Thursday that it will acquire activist investor Amber Capital's stake in Lagardere SA in the coming days.

The French media conglomerate will acquire Amber's 17.5% holding in Lagardere at a price of 24.10 euros ($27.34) a share, having agreed the offer in September.

The transaction is due to take place by Dec. 15, with Vivendi holding 45.1% of Lagardere's capital at its close.

The move paves the way for Vivendi to pursue a full takeover of Lagardere, which the company intends to file with French market authorities by February 2022.

France's markets regulator obliges companies exceeding a 30% threshold in another listed company to submit a tender offer for all remaining shares, although exemptions are possible.

Vivendi will propose a tender offer for all Lagardere shares at EUR24.10 a share, the same price per share it paid to Amber Capital, the company said.

Vivendi doesn't intend to implement a mandatory squeeze-out of Lagardere following its offer, it said.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

12-09-21 0253ET