Global law firm White & Case LLP has advised Amber Capital on the decision to sell all of its shares in Lagardère, representing 17.93 percent of the share capital and 14.34 percent of the theoretical voting rights, to Vivendi.
In accordance with the agreements concluded on August 10, 2020, Amber Capital has informed Vivendi of its intention to sell all its shares in Lagardère and has invited Vivendi to make an acquisition offer. The Vivendi Management Board has agreed to offer €24.10 per share for the 25,305,448 shares held by Amber Capital, which Amber Capital has accepted.
The transaction will be completed by December 15, 2022, after gaining the necessary regulatory approvals. If the approvals are not obtained by this date, the acquisition will have to be completed at the same price by a third party in place of Vivendi. Vivendi has announced that a mandatory proposal for a public offer at the same price for all Lagardère shares not yet owned by Vivendi will be filed with the French market authority (Autorité des Marchés financiers) once Vivendi has completed this acquisition.
White & Case advised Amber Capital throughout its investment in Lagardère, including the settlement agreement with Lagardère that ended several judicial proceedings between them, and the shareholder agreements concluded by the main shareholders to transform Lagardère limited partnership into a limited company.
The White & Case team in Paris which advised on the transaction was led by partners Saam Golshani, Diane Lamarche and Franck De Vita and included partner Samir Berlat and associates Hugues Racovski, Félix Thillaye, Nicolas Alfonsi and Charles Connesson.
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