Xavier Niel, controlling shareholder of Iliad, has launched a simplified public tender offer for Iliad shares at a price of EUR182 (USD216) per share, representing a premium of 61.0% on the closing price of 29 July 2021. The offer – aiming to accelerate the development of Iliad and support its strategy – is initiated by HoldCo II, a company controlled by Xavier Niel, who directly and indirectly holds 70.6% of the capital and 78.7% of the voting rights of the Group.
The Board of Directors will meet in August 2021 in order to decide – on the recommendation of an ad hoc committee and after receipt of the independent expert’s report – on the terms of the offer, on the interest of the offer and on the consequences of this for Iliad, its shareholders and its employees.
Subject to the Autorite des Marches Financiers’ (AMF’s) notice of compliance, the opening of the offer should take place on 8 September 2021, on the basis of the indicative timetable appearing in the draft offer document. At the end of the offer, if the number of shares not presented to the offer does not represent more than 10% of the capital and voting rights of Iliad, HoldCo II will ask the AMF to implement a squeeze-out procedure.