Bolloré take out offers on ex-Rivaud entities (Artois, Moncey and Cambodge): an offer which does not reflect the fair value of Artois, Moncey and Cambodge
A disappointing offer
Hello !
A quick note!
I have been quite busy working on the take out offers which Bolloré is doing on the ex-rivaud entities. Needless to say that the offers are disappointing and do not reflect the fair value of the companies (Artois,Cambodge and Moncey).
Fair value cannot be determined by using the market share price of Bolloré of 5,8€ and by using the market share price of Odet of 1 460€.
Net Asset Value per share must be used and at the very minimum the net book value per share.
We are in a public squeeze out offer and not in a tender offer. This changes everything in determining the fair value of a share.
I am contesting this take out offer. The intellectual game is fun!
It is important to note that if the offers are disappointing with these entities there is a risk that future offer on other entities will be disappointing…
Cheers!
Jeremy
Disclaimer: the above article constitutes the authors ‘personal views and is for entertainment purposes only. It is not to be construed as financial advice in any shape or form. Please do your own homework, your own research and seek your own advice from a qualified financial adviser. The author may from time to time hold positions in the aforementioned stocks consistent with the views and opinions expressed in this article.
Disclosure: I own shares in the Bolloré Galaxy and in the shares mentioned in this post at the time of publishing this article (this is a disclosure and NOT A RECOMMANDATION).