Total and Saft have announced that, following the signature of an agreement between the companies, Total filed a friendly tender offer on all of the issued and outstanding shares in the capital of Saft with the French Financial Markets Authority (Autorité des Marchés Financiers (AMF)).
The proposed offer will target all of Saft’s issued and outstanding shares at a price of EUR 36.50 per share, ex-dividend of EUR 0.85 per share, valuing Saft’s equity at EUR 950 million.
The offer price represents a 38.3% premium above Saft’s closing share price of ERU 26.40 on May 6, 2016, a premium of 41.9% above the volume weighted average share price over the past six months and a premium of 24.2% above the volume weighted average share price over the past year. The offer values the company at nine times its 2015 reported EBITDA, which represents a significant control premium compared to recent valuation multiples in the battery industry.
The Supervisory Board of Saft has unanimously approved the friendly takeover by Total and considers the proposed transaction to be in line with the interests of the company, its shareholders and its employees. As part of the reasoned opinion that it must issue in accordance with market regulations, the Supervisory Board has also announced its intention to recommend that its shareholders tender their shares.
The Supervisory Board of Saft has decided to appoint Finexsi as an independent expert.
The proposed offer is subject to review by the AMF, which will evaluate its compliance with applicable laws and regulations.