Deminor considers that the offer of EUR 22 does not take into account the interests of the minority shareholders of Orange Belgium

Polygon, who appointed Deminor to defend their interests as a minority shareholder in the framework of the acquisition of Orange Belgium (OBEL), has reacted to the prospectus published by the FSMA on 1 April 2021.

Polygon considers DP’s report to be inconsistent in some respects, leading to the conclusion that it does not reflect either the reality of OBEL’s economic situation or its real value. Polygon relies mainly on three main arguments:

  • The report tends to underestimate OBEL’s expected growth;
  • The report tends to overestimate OBEL’s costs;
  • The report does absolutely not take into account the economic value of the towers belonging to OBEL.

The analysis by Polygon’s financial advisor (the investment bank Ondra) of DP’s report, as well as the initial valuation report and its addendum on the methodology used for the 5G licence, can be consulted via this link:

Deminor has consulted the initial valuation report of Ondra, the valuation report of Degroof Petercam and the analysis by Polygon and Ondra of the Degroof Petercam report, and, like Polygon, is of the opinion that the price of EUR 22 per share clearly does not take into account the interests of the minority shareholders. Deminor also believes that this price deprives the minority shareholders of a significant share in the creation of future value.

Polygon does not intend to contribute its shares to the takeover bid at a price of EUR 22 per share, which, unless the situation changes and given Polygon’s interest in OBEL, will prevent any squeeze-out.

On Wednesday 14 April, Polygon, Deminor and Spaarvarkens organised a webinar on the public takeover bid, which was attended by almost 115 people. This conference gave the various speakers the opportunity to explain why the price of EUR 22 per share does not correspond to their estimate of the value of Orange Belgium.

Any shareholder who wishes to obtain further information and/or be kept informed of developments in this matter can contact Deminor via the email address

Contact person: Pierre-Alexis Léonard, Managing Partner
Tel. : +32 2 674 71 10
E-mail : of

Consult the press release of 13 April here.
Watch the recording of the webinar of 14 April here.

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