DEMINOR CONSIDERS THAT THE PRICE OF EUR 22 DISREGARDS THE INTERESTS OF THE ORANGE BELGIUM’S MINORITY SHAREHOLDERS
In connection with the Orange Belgium takeover bid launched by Orange SA, Deminor has been mandated by Polygon to ensure that its rights as a minority shareholder are considered. The objective is to invite the bidder to negotiate withdrawal conditions that reflect the objective value of Orange Belgium and, failing that, to prevent a forced withdrawal or delisting.
Deminor has examined the initial valuation report from Polygon’s financial advisor, the investment bank Ondra, as well as the report from Degroof Petercam and the comments from Ondra and Polygon on this report. Deminor considers, as does Polygon, that the price of EUR 22 per share disregards the interests of Orange Belgium’s minority shareholders and deprives them of a substantial share of the creation of future value.
Deminor believes that Degroof Petercam’s report seems to aggressively overestimate costs and underestimate growth, and particularly highlights that no value whatsoever is attributed to Orange Belgium’s portfolio of telecom towers.
Polygon does not currently intend to tender its shares at a price of EUR 22 per share which, unless circumstances change and considering Polygon’s stake in Orange Belgium, would prevent any simplified squeeze-out offer.
If you share Deminor’s view and/or if you do not intend to tender your Orange Belgium shares to the offer at the current conditions, we would like to ask you to complete the contact form below.
For more information on the steps taken by Deminor within the framework of the public takeover bid or for a direct contact, do not hesitate to send us an email to one of the following addresses: orange@deminor.com or pierre-alexis.leonard@deminor.com.