Key step in Antalis takeover
Wednesday, May 20, 2020
The takeover of Antalis has come another step closer after majority shareholder Sequana formalised the sale of its stake to Kokusai Pulp & Paper.
Yesterday (19 May), Sequana signed a sale and purchase agreement for all the Antalis shares it holds, which represent a 75.2% stake in the merchanting group and 82.5% of the voting rights.
The agreed price was €0.10 (9p) a share.
At the same time, Antalis and Japanese group KPP agreed the terms and conditions for a “simplified cash tender offer at a price of 0.73 euro per share” that will be filed with the authorities to cover all outstanding shares not yet held by KPP.
“KPP intends to request the implementation of a squeeze-out procedure at the same price, if the conditions provided for by applicable law and regulations are satisfied,” Antalis said in a statement.
At the end of March Antalis, its lenders and KPP signed a financial restructuring agreement to refinance €100m of Antalis’ existing syndicated credit facility.
This was contingent on the sale of the shares held by Sequana and Bpifrance.
Sequana went into liquidation last year.