Orange Belgium shareholder hires Deminor in fight for higher takeover bid

10 Feb 2021

Polygon Global Partners, a minority shareholder in Orange Belgium, has hired shareholder services firm Deminor as an advisor to help obtain a higher buy-out bid from Orange Group for its Belgian subsidiary. Polygon, which controls 5.29% of Orange Belgium, believes the public takeover bid of EUR22 (USD26.6) per share offered by Orange substantially undervalues the company and has appointed Deminor to defend its interests. ‘The objective pursued is to invite the offeror to increase its offer price so as to adequately reflect the objective value of Orange Belgium and, failing that, to prevent a squeeze-out or delisting,’ Deminor explains in a press release. According to Pierre-Alexis Leonard, Managing Partner at Deminor, Polygon believes a fair price to be between EUR39.5 and EUR47.25 per share, as the current valuation does not take into account the operator’s cell tower assets.

Belgium, Orange Belgium, Orange Group