Bolloré: a second independant expert report with lots of incredible/unbelievable points to justify the fairness of the ex-rivaud take out offers
Doing a forensic of an independent report brings about lots of questions!
So the time has come to rebutt many points put forward by the second independant report. Once would have thought that after the first independant expert got rebutted by the AMF (french regulator) for lack of independance (a historic decision!) that the second independant expert would have done a thorough job.
Rest assured it was not thorough and I still can’t believe all the justifications which were used to determine that the take out offers were fair.
Remember that we are not in a tender offer but in a take out offer which is considered as an expropriation in France. As such a fair value must be offered to the minority shareholders. Indeed in a take out offer if it goes through you have no choice but to bring your shares to the offer. This implies a true valuation of the companies which are being take out. In a tender offer, as shareholders do not have to bring their shares the independant' expert’s report does not have the same role.
Here we go are all the inconsistencies which I could find in the report!