TWDC purchased 462,916 Euro Disney S.C.A. shares on 24 May, increasing their ownership of Disneyland Paris to 86.83%

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Euro Disney ‘Cash Tender Offer’ watch

The Simplified Cash Tender Offer  continues and The Walt Disney Company via their wholly-owned subsidiary The EDL Holding Company LLC purchased 462,916 Euro Disney S.C.A. shares on Tuesday 24 May 2017.

The Walt Disney Company now own 86.83% of Disneyland Paris with 680,270,052 shares.

Euro Disney S.C.A. has a total of 783,364,900 shares,  and under the Offer  TWDC is offering  Disneyland Paris shareholders  €2.00 per share.

If TWDC  reach an ownership level of 95% of the company, they are planning to  apply to the French financial markets regulator L’Autorité des marchés financiers (AMF) for a mandatory take-over of Euro Disney S.CA. the owners and operators of Disneyland Paris.

Shareholders have until 8 June 2017  to partake in the Offer.

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Posted in Disneyland Paris

TWDC increases ownership of Disneyland Paris to 86.78%

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Euro Disney ‘Cash Tender Offer’ watch

The Simplified Cash Tender Offer  continues and The Walt Disney Company via their wholly-owned subsidiary The EDL Holding Company LLC purchased 18,284 Euro Disney S.C.A. shares on Monday 23 May 2017.

The Walt Disney Company now own 86.78% of Disneyland Paris with 679,807,136 shares.

If TWDC  reach an ownership level of 95% of the company, they are planning to  apply to the French financial markets regulator L’Autorité des marchés financiers (AMF) for a mandatory take-over of Euro Disney S.CA. the owners and operators of Disneyland Paris.

TWDC require a further 8.22% before they can apply for a takeover.

Euro Disney S.C.A. has a total of 783,364,900 shares,  and under the Offer  TWDC is offering  Disneyland Paris shareholders  €2.00 per share.

Shareholders have until 8 June 2017  to partake in the Offer.

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Posted in Disneyland Paris

14,261 Euro Disney SCA shares purchased on 19 May 2017 by TWDC

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Euro Disney ‘Cash Tender Offer’ watch

As the Simplified Cash Tender Offer  continues The Walt Disney Company via their wholly-owned subsidiary The EDL Holding Company LLC purchased  14,261 Euro Disney S.C.A. shares on Friday 19 May 2017.

The Walt Disney Company now own 86.7780% of Disneyland Paris with 679,788,852 shares.

Under the Offer  TWDC is offering  Disneyland Paris shareholders  €2.00 per share.

Yesterday we asked our twitter followers if they had tendered their shares in the Offer presented by TWDC yet,  and so far the results are below.

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Euro Disney S.C.A. has a total of 783,364,900 shares,  and The Walt Disney Company has announced that they intend to apply to the AMF for a mandatory take-over of Disneyland Paris if they reach an ownership level of 95% of the company.

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Posted in Disneyland Paris

A letter to Euro Disney Shareholders from Euro Disney President Catherine Powell.

Disneyland Paris shareholders in France have been receiving a letter from Euro Disney President Catherine Powell regarding the Simplified Cash Tender Offer or Euro Disney by The Walt Disney Company.


EURO DISNEY S.C.A.

May 11th 2017

Dear Shareholder,

As you know, the consequences of the sad events of the last two years in France and a difficult situation for the tourism industry have placed Disneyland® Paris in an uncertain financial position. 

To support us, The Walt Disney Company announced in February that it would support a recapitalization of up to 1.5 billion euros. We welcome this proposal, which will provide the necessary funds to enable the Euro Disney Group to continue the necessary investments to be made on the site.

This recapitalization is essential for the Euro Disney group. However, realizing this recapitalization through a simple capital increase would have forced you either to pay your share (pro rata) of the capital contribution of 1.5 billion euros, or to see your participation considerably diluted.

Understanding that the shareholders of Euro Disney S.C.A. may not want to choose between contributing to the recapitalization or seeing their participation considerably diluted. The Walt Disney Company, by some of its subsidiaries, offers shareholders another option by proposing to purchase your Euro Disney S.C.A. shares until June 8, 2017 at a price of 2 euros per share. This price represents a premium of 67% compared to the share price at the close of the market on the day preceding the announcement of the offer in February 2017 and is equivalent to the price recently paid to Kingdom Holding in respect of The sale of 90% of its stake in Euro Disney SCA. An independent financial expert appointed by the Supervisory Board of Euro Disney SCA in order to evaluate the offer concluded, on the basis of the various valuation criteria used, that the price of 2 euros per share is fair. A full copy of the report of the independent expert is available on the websites http://corporate.disneylandparis.fr and https://eurodisney-opa.com; You are invited to read it carefully to understand the valuation criteria and sensitivity analyzes used by the independent expert. On the basis of the independent expert’s assessment, the independent members of the Supervisory Board unanimously considered the offer to be in the interest of Euro Disney SCA, its employees and Shareholders and recommended that shareholders tender their shares into the offer. 

I think you should consider this offer carefully. Further details can be found in the offering memorandum, Euro Disney’s reply note and the other documents published in connection with the offer, all of which are available on the websites http: // Corporate.disneylandparis.fr and https://eurodisney-opa.com. In addition, a telephone line (no.: 00 800 64 74 56 30) has been set up to answer any questions you may have about the offer. Finally, I draw your attention to the fact that, as described in the above-mentioned information circular and note in reply, if you decide to tender your shares and wish to receive repayment, Your brokerage fees and, if applicable, the payment of a price supplement in accordance with the terms and conditions set out in these notes, you will be required to tender your securities to the Semi-centralized procedure. 

We are grateful for your support and passion for Disneyland Paris, and look forward to seeing you soon in the year of our 25th anniversary.

Sincerely yours,

Catherine Powell 

President of Euro Disney S.A.S


Translation by Elliot James-Gordon Minto.

Posted in Disneyland Paris | 2 Comments

22,437 Euro Disney shares were purchased on 18 May by The EDL Holding Company .

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Euro Disney ‘Cash Tender Offer’ watch

As the Simplified Cash Tender Offer  continues The Walt Disney Company via their wholly-owned subsidiary The EDL Holding Company LLC purchased 22,437 Euro Disney S.C.A. shares on 18 May 2017.

The Walt Disney Company now own 86.7762% of Disneyland Paris with 679,774,591 shares.

Euro Disney S.C.A. has a total of 783,364,900 shares,  and The Walt Disney Company has announced that they intend to apply to the AMF for a mandatory take-over of Disneyland Paris if they reach an ownership level of 95% of the company.

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You can also follow the stake The Walt Disney Company owns in Euro Disney via this nifty little bar graph created by @sneakymichael  which is  updated via our daily RRS feed.

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Disneyland Paris shareholders have the opportunity to sell their shares to TWDC  until 8 June 2017 for €2.00 per share under the Offer.

Posted in Disneyland Paris

6,470 Euro Disney shares purchased by TWDC on 17 May 2017

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Euro Disney ‘Cash Tender Offer’ watch

As the Simplified Cash Tender Offer  continues The Walt Disney Company via their wholly-owned subsidiary The EDL Holding Company LLC purchased 6,470 Euro Disney S.C.A. shares on 17 May 2017.

The Walt Disney Company now own 86.7733% of Disneyland Paris with 679,752,154 shares.

Euro Disney S.C.A. has a total of 783,364,900 shares,  and The Walt Disney Company has announced that they intend to apply to the AMF for a mandatory take-over of Disneyland Paris if they reach an ownership level of 95% of the company.

Disneyland Paris shareholders have the opportunity to sell their shares to TWDC  until 8 June 2017 for €2.00 per share under the Offer.

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Posted in Disneyland Paris

What is Duffy going to do with his Disneyland Paris shares?

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If you are a Disneyland Paris shareholder you will have been informed by now  that The Walt Disney Company has launched a Cash Tender Offer for Euro Disney S.C.A.

The Walt Disney Company is offering Disneyland Paris shareholders €2.00 a share if they agree to sell their Euro Disney shares to them.

Once the Offer is completed and if TWDC reach a share ownership threshold of  95% they then plan on launching a mandatory buy-out of Euro Disney to take full control of the company and delist Disneyland Paris from the Euronext Paris stock exchange.

This is of course if the French Government and AMF allow them to do so.

Today I’m joined by  my travelling companion and fellow Disneyland Paris shareholder Duffy,  who like many other shareholders  has some questions about the Simplified Cash Tender Offer.

Duffy:  I’ve received an e-mail from my stock broker about The Walt Disney Company wanting to buy my Euro Disney shares.

Me too Duffy, what have you decided to do?

Duffy:  I’m undecided, I like owing a small part of the ‘Magic’.

Yeah I know,  it is all very complicated and quite a hard decision to make isn’t it.

Duffy: Yes it is…  The e-mail said I had to let them know my decision by 29 May.

Me too.

Duffy: If I sell my shares will I still be a member of the shareholders club?

Yes you will Duffy.  The Shareholders Club made an announcement  in April advising that all active members of the Shareholders Club as of 31 March 2017, will benefit from a 10-year extension of their membership card and associated discounts no matter what happens.

Duffy:  Do you think €2.00 a share is a good offer?

That is a hard one to answer.  Before the Offer was announced the share price was around the €1.20 mark.  In real terms due to the losses and the depreciation of Euro Disney’s assets last year an independent expert has valued the share price value to be €0.60 a share.

The French hedge fund CIAM on the other hand argues that The Walt Disney Company should be offering shareholders €3.70 a share.

Duffy:  So if I sell my shares to The Walt Disney Company I will receive €2.00 for each share.

Yes Duffy that is correct, and Disney will refund your brokerage  fees up to the sum of €100 in some circumstances.

Duffy: What happens if I don’t sell my shares

Well Duffy you will still own them, but there are risks.  If you don’t sell during the Offer using the Centralised Procedure you may loose out.

For example if The Walt Disney Company makes a bulk trade agreement with a large shareholder and they agree to buy their shares at a price of  €2.25 you would also benefit in the increased offer price and receive the same amount per share.

Duffy:  Could there be another recapitalisation and devaluation of the shares like last time if the takeover fails?

If the takeover fails, there will be another recapitalisation and another possible devaluation of the share price.  A new share price of €0.60 has been rumoured if another recapitalisation takes place.

Duffy:  And would I be expected to re-invest again?

Yes you would Duffy.  They would need to raise €1.5 billion to held reduce the resorts debt and like the previous recapitalisation TWDC will offer to buy your shares off you.  Last time the shares were devalued from £3.46 to £1.25.  This time it is the rumoured they will be devalued to  €0.60.    Which is quite a difference to the  €2.00 they are offering now.

Duffy:  Do you think a takeover of the resort is in the parks best interest.

Well the €1.5 billion TWDC has pledged to Disneyland Paris will help reduce the resorts debt and increase their liquidity.  And with TWDC in charge of the resort I hope they will be able to improve the guest experience.

But I expect prices will increase even further as TWDC tries to reduce operating costs and in an attempt to try and make the resort break-even or even profitable.

Duffy:  Will they start building  new rides the day TWDC takes over?

No Duffy, TWDC has said they will continue with the resorts present 10 year plan, which sees the refurbishment of Hotel New York with a Marvel theme and the rehabilitation of the Disneyland Hotel.  There will also be a new Marvel-themed show in the Walt Disney Studios Park.

Duffy:  What are you going to do?

I have decided to sell all but one of my shares.

Duffy:  Why all but one?

If the takeover fails and the AFM refuses to allow TWDC to takeover Disneyland Paris, I will still have one share in the company.  This will enable me to be allowed to attend future Annual Shareholder Meetings.

How many shares do you own Duffy?

Duffy:  I own 5 shares

So your set to receive a windfall of €10.00 if you sell up to TWDC.

Duffy:  Yes €10.00 which is about £8.60 now.

Just enough to buy a pint of Kronenbourg 1664 on your next trip.

Duffy:  Do you think TWDC will invest in the Walt Disney Studios Park?

I do hope so Duffy,  but not for at least another 10 years I expect.

So what are you going to do with your shares Duffy,  have you decided?

Duffy:  Yes –  I’m going to sell my Euro Disney shares to TWDC.

Then I’m going to use the money to invest in a company that is launching a range of chocolate teapots.

That sounds like a very wise investment choice Duffy……..

Duffy: When TWDC take over will people still use selfie sticks in the parks?

I think they will Duffy….

Duffy:  And smoke in the parks too?

Let’s not go there………

Posted in Disneyland Paris