tunnel prado

SMTPC - Negotiations between Vinci Concessions and Eiffage with a view to file simplified tender offer

Eiffage Group

Announcement regarding negotiations between Vinci Concessions and Eiffage with a view to file simplified tender offer, followed by a squeeze-out, for the shares of Société Marseillaise du Tunnel Prado Carénage, if the conditions for implementation are met, at a price of 23.0 euros (cum dividend).
 

Vinci Concessions, which directly and indirectly holds 33.3% of the capital and voting rights of Société Marseillaise du Tunnel Prado Carénage ("SMTPC" or the "Company"), and Eiffage, which directly and indirectly holds 32.9% of the capital and voting rights of the Company, announce that they have entered into negotiations with a view to enter into an agreement constituting a concerted action between them with respect to the Company and providing in particular, for the acquisition by the concert parties of the shares of the Company not already held directly or indirectly by Vinci Concessions and Eiffage. The completion of this agreement will be subject to the approval of the relevant antitrust authorities and will occur after the consultation with the Company's employee representative bodies. 

Vinci Concessions and Eiffage will act in concert as from the completion of the agreement that they intend to enter into and will accordingly file as soon as possible a draft mandatory tender offer, under the simplified procedure, with the Autorité des Marchés Financiers ("AMF"), which will be followed by a
squeeze-out if the conditions for its implementation are met. Vinci Concessions and Eiffage would hold an equal stake in the Company's capital at the end of the contemplated tender offer.

The contemplated draft tender offer that Vinci Concessions and Eiffage intend to file jointly would be made at a price of 23.0 euros per SMTPC share (cum dividend). This price represents a premium of 30.3% over the closing trading price of today, 41.7% over the volume-weighted average trading price
over the last 90 days and 43.8% over the volume-weighted average trading price over the last 180 days.

The filing of the tender offer is subject to the entering into of the concert agreement between Vinci Concessions and Eiffage and its completion as described above, so that if no such agreement is entered into, Vinci Concessions and Eiffage will not act in concert vis-à-vis the Company.
Vinci Concessions and Eiffage will communicate in due course in accordance with applicable regulations.

Read the press release