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Vivendi has decided to raise the price of its public tender offer from €7.60 to €8 to reinforce the attractiveness of its proposed public tender offer to the shareholders of the Société d’Édition de Canal Plus (SECP).
The French media group announced in mid-May an offer of €495 million for a controlling stake in pay-TV operator Canal+ (Société d’Édition de Canal Plus). Vivendi already owns around 48.5 per cent of the company, and its supervisory board approved a public tender offer of €7.60 per share. It said it was making the bid “because a large number of SECP’s shareholders have requested it do so”.
The outcome of the proposed public tender offer will not modify the control of SECP by Vivendi, as Vivendi is already the indirect controlling shareholder of SECP.
Vivendi says the increase does not impact in any way the other details of the public tender offer, as they are stated in the draft issue note that was filed with the Autorité des marchés financiers (French Financial Markets Authority) on the 27th of May 2015.