PARIS, July 4, 2016 (GLOBE NEWSWIRE) --
Silver Lake and AltaOne Capital receive antitrust clearances for their acquisition
of a 37.6% stake in Cegid Group from Groupama and ICMI and the resulting mandatory tender offer
Paris, France, July 4, 2016 - Silver Lake, the global leader in technology investing, and AltaOne Capital LLP, acting in consortium (the "Consortium"), announced that they have received antitrust clearances for the pending acquisition of a 37.6% stake in Cegid Group from Groupama SA, Groupama Gan Vie and ICMI and the resulting mandatory tender offer (the "Offer").
The European Commission and the Federal Antimonopoly Service of the Russian Federation have granted their clearances respectively on June 30, 2016 and on June 21, 2016.
The block purchase will complete once the formal recommendation of Cegid Group's Board of Directors has been issued, after receipt of the report of the independent expert, and be followed by the filing of the Offer with the Autorité des Marchés Financiers at a price of €61 per share (ex 2015 dividend)[1] and €44.25 per redeemable warrant.
An extra €1.25 per share or redeemable warrant will be paid in the case that securities tendered into the Offer, together with the block purchase, amount to 95% or more of the share capital and voting rights allowing the effective implementation of a squeeze-out in accordance with Article 237-14 of the AMF General Regulation.
In addition to the 37.6% stake being acquired through the block purchase, several major shareholders, representing together an additional 7.8%, have undertaken to tender their shares into the Offer. Therefore, the 50% acceptance threshold required to declare the Offer successful shall be met if shareholders representing circa 4.6% tender their shares into the Offer.
The closing of the block purchase and the Offer are expected to be completed during the second half of 2016.
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About Cegid
Cegid is a leading player in the digital transformation of companies, providing cloud services and enterprise software to private companies and public entities alike. Cegid addresses the management needs of companies and public entities of all sizes in the fields of finance, taxation and human resources, and offers industry-specific solutions to companies in the manufacturing, trade, services and retail sectors as well as to the accounting profession. Based on MoBiCloTM, its technological concept combining Mobility, Business Intelligence and the Cloud, Cegid's innovation strategy integrates the new ways in which people use software. Cegid is an international group with more than 2,200 employees, 30 locations in France, and over 15 subsidiaries and offices worldwide. Cegid serves more than 135,000 client sites and 430,000 users, including over 150,000 in SaaS mode. In 2015, its revenues exceeded €300 million on a pro forma basis. Cegid is listed on Euronext Paris. Please visit www.cegid.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $24 billion in combined assets under management and committed capital. The firm's portfolio of investments collectively generates more than $100 billion of revenue annually and employs more than 210,000 people globally. Silver Lake has a team of approximately 100 investment and value creation professionals located in New York, Menlo Park, San Mateo, London, Hong Kong and Tokyo. The firm's current portfolio includes leading technology and technology-enabled businesses such as Alibaba Group, Ancestry, Avaya, Broadcom Limited, Cast & Crew, Ctrip, Dell, Global Blue, GoDaddy, Intelsat, Motorola Solutions, Quorum Business Solutions, Red Ventures, Sabre, Smart Modular, Solar Winds, Symantec, Vantage Data Centers, and WME/IMG. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About AltaOne Capital
AltaOne is an investment firm based in London and founded in 2015 by Behdad Alizadeh and Shahriar Tadjbakhsh. AltaOne's investment strategy includes acquiring significant ownership stakes in a small number of European companies that are leaders in their markets, and in which it can enhance the long term value of their businesses as an active professional shareholder. AltaOne's principals have substantial public and private company investment experience as anchor shareholders across a broad range of industries, including technology, media and telecommunications.
This announcement is not an offer to purchase or a solicitation of an offer to sell any securities. The Offer will be made only pursuant to the offer documentation which will contain the full terms and conditions of the Offer. The offer documentation will be subject to review by the AMF and the Offer will only be opened once the AMF has granted its clearance. Any decision in respect of the Offer should be made only on the basis of the information contained in such offer documentation. The Offer relates to the shares of a French company and is subject to French procedural and disclosure requirements that are different from those of other jurisdictions, including the United States. In addition, the members of the Consortium and their respective affiliates may purchase or arrange to purchase shares of Cegid Group otherwise than pursuant to the Offer, such as in open market or privately negotiated purchases.
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Media contact
Silver Lake
Benoit Grange - Brunswick
+33 1 53 96 83 83
bgrange@brunswickgroup.com
[1] Following payment by the Company of a €1.25 dividend per share on May 13, 2016. This price corresponds to the price to be paid to ICMI and Groupama.
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