After having their claim dismissed by the Paris Court of Appeal on Tuesday, French hedge fund CIMA plans to appeal to the Supreme Court and bring a civil claim for damages against The Walt Disney Company.
The ruling made by The Paris Court of Appeal follows legal action filed in April by CIMA (Charity & Merger Arbitrage Fund) against the decision made by the AMF (Autorité des marchés financiers) [the French Financial Markets Authority] to authorize the Euro Disney mandatory cash tender offer which is part of the recapitalization plan by The Walt Disney Company (TWDC) for the financially troubled Disneyland Paris resort.
CIMA believes that the capital gain on the property rights of Euro Disney S.C.A. were not taken into account and estimate that the net worth of Euro Disney S.C.A. would be € 2.9 billion or € 3.70 per share.
Shareholders were offered €1.25 per share by The Walt Disney Company under Euro Disney recapitalisation plan.
“We regret that the judicial authority has validated an offer to an artificial price which is not in the interests of minority shareholders,” said CIMA lawyer, Julien Visconti. He finds that the court “refuses to rule on the merits of the various arguments raised”. He declared the Paris Court of Appeal incompetent and is in favour of taking the case to the civil and criminal courts.
CIMA which has already filed a criminal complaint against The Walt Disney Company for misuse of corporate assets, presentation of false accounts and the dissemination of false information, also plans to launch a civil complaint against TWDC for the damage the company has done to Euro Disney over the last 25 years.
Euro Disney shares (EDL.PA) closed at €1.33 up €0.01 (0.76%) at the end of trading on the Euronext today (10 September 2015).