Comfort letter delivered by Ledouble S.A.S.

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Euro Disney S.C.A. announced today (1 December 2014)  that Ledouble S.A.S. delivered on 27 November 2014 a comfort letter in connection with the proposal of recapitalization and debt reduction of the Euro Disney Group backed by The Walt Disney Company.

The comfort letter was delivered to Euro Disney S.C.A.’s Supervisory Board, with a copy to The Walt Disney Company (“TWDC”), and confirmed the fairness, as of the date of the letter, of the price of €1.25 per share set for the tender offer that should be initiated, within the framework of the Proposal, by TWDC’s subsidiaries on the shares of Euro Disney S.C.A. held by the other Euro Disney S.C.A. shareholders.

This comfort letter has been prepared using the same methodology as the one Ledouble S.A.S. will use to issue the fairness opinion to be delivered in connection with the Mandatory Tender Offer, as announced on 6 October  2014

The conclusions of Ledouble S.A.S. are provided below:

“With reference to the same methodology as the one we will use to establish the fairness opinions, on the basis of the market information at our disposal as of today which do not prejudge their future trend, and taking into account the overall context of the Transaction resulting from the sequence of each of its components, we confirm at this stage of our work that we have not found any elements which are likely to challenge the fairness, for Euro Disney SCA’s existing shareholders, of the Offer price of € 1.25.”

In addition, Ledouble S.A.S., pursuant to the mission the Euro Disney S.C.A.’s Supervisory Board granted to it, will deliver in the course of December a report relating to the reserved capital increases to be implemented in accordance with the Proposal, pursuant to Article 261-2 of the Autorité des marchés financiers’s General Regulation; this report will be made available to the shareholders at least ten trading days prior to the shareholders’ meeting convened to authorize all the transactions contemplated in the context of the recapitalization proposal.

More information can be found here.

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