FRANCE - Stampede over Colony’s Buffalo Grill stakes

France’s largest shareholder action group is urging the AMF (autorité des marchés financiers) to refuse Colony Capital’s attempt to delist Buffalo Grill. Colette Neuville, head of Association pour la Défense des Actionnaires Minoritaires (ADAM), opposes the fact that the private equity house has fixed the public tender offer as low as EUR 20 a share.. Colony’s investment vehicle, SAIP, has obtained 96.97% of the company’s voting rights and 94.19% of its capital. Neuville argues that not only has the 95% squeeze-out not been reached, but she deems the price too low, maintaining it was based on financial results for 2004.