Tikehau to consolidate activities with Salvepar tender offer

Tikehau currently holds 58.8% of the share capital and 59.8% of the voting rights of Salvepar, a listed entity that invests in both listed and unquoted businesses. It is now filing a proposed simplified public exchange offer, together with an alternative simplified public cash offer, targeting the shares and the convertible cash option bonds of Salvepar.

The cash component of the offer would see Tikehau offer €55.30 per Salvepar share and €61.63 (plus accrued interest) per convertible bond. This constitutes a premium of 13.3% above the closing share price on 6 January 2017.

A number of Salvepar shareholders that currently hold 39.1% of the share capital (including MACSF Épargne Retraite, MACIF, Suravenir, Compagnie Lebon, Neuflize Vie and Tikehau Capital Advisors) have committed to tender their shares to the offer. Tikehau stated it is thus guaranteed to hold more than 95% of the share capital and voting rights of Salvepar at the end of the offer, meaning it intends to enforce a squeeze-out for the remaining shares.

In a statement announcing the filing of the offer, Tikehau said its aim was to reorganise its shareholding structure and governance, as well as those of its consolidated subsidiaries and branches, in order to prepare for a new phase of development.

Should the offer be accepted, Tikehau would become a listed investment and asset management company with €1.5bn of shareholders equity and €9.6bn in assets under management. All Tikehau group businesses would be unified under the Tikehau Capital brand.

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