Orange buyout delayed by shareholder lawsuit

2 Dec 2003

Shares in Orange were today suspended in London and Paris after the French financial markets regulator, AMF, delayed the closing date for France Télécom offer of the cellco’s minority shares. France Télécom, which currently owns 98.78% of Orange, began the buyout of its subsidiary in October. The offer was due to close tomorrow, but the AMF now wants to wait for the results of a lawsuit by shareholder rights group the Association pour la Defense des Actionnaires Minoritaires (ADAM) before closing the deal. ADAM is claiming that France Télécom’s offer of EUR9.50 a share is EUR0.44 short of Orange’s valuation when the deal was announced.

France, Orange Group