Keyrus was by far the biggest riser on the Paris market on Wednesday, following the announcement of a proposed simplified takeover bid for the shares of the consulting and technology group.

Under the terms of an investment agreement between Eric Cohen - the company's founder and CEO - certain managers and BNP Paribas, the proposed takeover bid, which is priced at seven euros per share, could be followed by a squeeze-out.

The group currently holds 10,687,767 shares and 20,855,751 voting rights, representing 61.9% of the capital and 75.6% of the voting rights.

The offer represents a premium of almost 59% on the Keyrus share price at the close of trading on Monday June 5, the last day of trading prior to the announcement of the transaction.

The offer will cover all Keyrus shares not held by the offerors, excluding the 1,379,626 treasury shares, i.e. around 8% of the share capital and 5% of the voting rights.

Should the threshold of 90% of the share capital and voting rights be crossed at the end of the takeover bid, a squeeze-out procedure will be requested at the same price as the offer, i.e. seven euros per share.

Suspended yesterday, Keyrus shares climbed 55% on Wednesday, without however fully matching the offer price.

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