The majority of Orange Belgium’s minority shareholders have rejected the price of EUR 22 offered by Orange SA

On 27 April 2021, Orange SA (OSA) released the results of its voluntary and conditional public takeover bid relating to all the shares of Orange Belgium (OBEL) that it does not, or did not previously, hold.

By the end of the initial acceptance period, many minority shareholders had decided not to accept the offer price of EUR 22 per share. At this stage, Deminor believes that the takeover bid launched by OSA has failed. These minority shareholders have opposed the attempt of the majority shareholder to deprive them of a substantial share of the creation of future value at a price that disregards their interests. More than 53% of the targeted shares were not tendered, including the shares held by Polygon and a large number of shareholders who have contacted Deminor to date.

OSA announced the reopening of its offer at the same price of EUR 22 per share starting from 28 April and running until 4 May. OSA appears to hope that the minority shareholders who have not previously tendered will now accept its re-opened offer, despite the re-opened offer being on the same terms as the initial offer. Deminor invites all shareholders of OBEL who have not already done so to reach out to it.

The minority shareholders who have contacted Deminor and who have not tendered their shares resisted, and Deminor believes will continue to resist, the insufficient offer price of EUR 22 per share. The minority shareholders who have contacted Deminor are looking forward to an increase in the offer price for the OBEL shares.

As indicated in its press release of 13 April 2021, Deminor believes that the price of EUR 22 disregards the interests of the minority.

The quarterly results released by OBEL on 21 April 2021 are above the current consensus estimates for OBEL and confirm Deminor’s analysis that the price of EUR 22 undervalues OBEL.

Today, Polygon announced that it does not intend to tender its shares into the re-opened offer. Given that Polygon still owns 5.29% of OBEL share capital, such refusal to tender would prevent any simplified squeeze-out bid.

Deminor regrets that OSA continues to refuse to offer a price more in line with the real value of OBEL.

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

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

Consult the full press release on our Orange Belgium page.

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