The CIAM investment fund said on Tuesday (18 APril 2017) that the price offered by The Walt Disney Company to Euro Disney S.C.A. shareholders of €2.00 per share, is unfair to minority shareholders.
The French asset fund manager, which holds approximately 1.4% of Disneyland Paris shares, adds in a statement that the minimum acceptable price is €2.50 per share.
The Walt Disney Company announced in February its intention to take full control of Euro Disney after increasing its stake in Disneyland Paris by acquiring most of the shares of Kingdom Holding, the holding company of the Saudi prince Al Walid bin Talal.
TWDC plans to recapitalize Euro Disney up to a maximum of €1.5 billion to reduce the parks debt and improve its financial situation. Disney is proposing two euros per share for minority shareholders, representing a 67% premium on the closing price of Euro Disney shares on 9 February, the day before the announcement of the offer.
The Autorité des Marchés Financiers (AMF) is expected to announce their decision on whether they will allow The Walt Disney Company to takeover Euro Disney on the 25 April 2017.
If The Walt Disney Company takeover Offer is approved by the AMF, the offer is scheduled to open to shareholders on 26 April and will run until 23 May 2017.
If The Walt Disney Company obtains at least 95% of the share capital and voting rights of Euro Disney, TWDC intends to withdraw Euro Disney from the stock exchange and proceed with a mandatory takeover of the company on 8 June 2017.