UGC S.A. offered to acquire 55% stake in SCI Bordeaux-Image from CFI-Compagnie Foncière Internationale (ENXTPA:CFI) for 2.7 million in cash on September 3, 2014. The offer was accepted by the Board of Directors of CFI at its meeting on September 5, 2014. The offer remains subject to a condition precedent of the Bordeaux municipal authority not exercising its preemptive right within the maximum two-month period.
The transaction is expected to be completed in early November 2014.