Vivendi signs the agreement with the Bolloré Group to purchase its majority stake in the Havas Group
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Paris, 6 June 2017
Vivendi signs the agreement with the Bolloré Group
to purchase its majority stake in the Havas Group
Vivendi announces that it today entered into the purchase agreement with the Bolloré Group regarding the approximately 60% majority stake Bolloré Group holds in Havas.
The execution of this agreement by Vivendi’s Management Board follows the receipt of positive opinions from the employee representative bodies of the companies of Vivendi, Havas and Bolloré, and the completion of the due diligence process.
The €9.25 per share price initially indicated in the letter of intent was confirmed. The reasonable premium over the last quoted share price is based on several criteria: the operational performance of the Havas Group compared to its peers in recent financial years, the historical level of the Havas share price, the mid-term perspectives despite the fact that, in the global advertising sector, the year 2017 will be marked, as announced by the Havas Group’s management, by uncertainties in organic growth and profitability.
In accordance with applicable regulations, Vivendi will launch a simplified tender offer on the remaining Havas shares. This offer is not aimed at delisting Havas shares.
Arnaud de Puyfontaine, CEO of Vivendi, commented: “This acquisition marks a major milestone in our drive to build a global leader in content, media and communication. It gives our Group a unique positioning and a major advantage in an environment marked by the ever-increasing convergence between content, distribution and communication. Havas brings its expertise in consumer science, data analytics and new creative formats to the entire Vivendi group. Most importantly, our two companies have gotten to know one another well and our teams enjoy working together, essential keys to success in the creative and innovative industries, which rely on a wealth of talent.”
Yannick Bolloré, CEO of Havas Group, said: “We look forward to joining forces with the Vivendi group. Vivendi’s ambitious strategy for accelerated development towards a global communications leader will enable us to develop even more quickly. Vivendi will provide us with, on one hand, new strategic and financial resources to enrich the expertise we offer to our clients and, on the other, broader opportunities for our talents. We thank the Vivendi teams for their trust and support.“
Completion of the transaction is subject to the approval of the competent competition authorities.
Vivendi is an integrated media and content group. The company operates businesses throughout the media value chain, from talent discovery to the creation, production and distribution of content. Universal Music Group is engaged in recorded music, music publishing and merchandising. It owns more than 50 labels covering all genres. Canal+ Group is engaged in pay-TV in France, as well as in Africa, Poland and Vietnam. Its subsidiary Studiocanal is a leading European player in production, sales and distribution of movies and TV series. Gameloft is a worldwide leader in mobile games, with 2 million games downloaded per day.Vivendi Village, groups together Vivendi Ticketing (in the United Kingdom, the United States and France), MyBestPro (expert counseling), Watchever (subscription streaming services), Radionomy (digital radio), the venues L’Olympia and Theâtre de L‘Œuvre in Paris, and CanalOlympia in Africa, as well as Olympia Production. With 3 billion videos viewed each month, Dailymotion is one of the biggest video content aggregation and distribution platforms in the world. www.vivendi.com, www.cultureswithvivendi.com.
This press release is for information purposes only and does not constitute an offer and should not be construed as constituting any form of solicitation for the purchase or sale of securities in any jurisdiction, including in France.
Vivendi does not intend to open the public tender offer described above, directly or indirectly, in the United States or to persons who are in the United States. Accordingly, no copy of this press release or any other document relating to the public tender offer may be published, distributed or released directly or indirectly in the United States in any manner whatsoever.
The dissemination, publication or distribution of this press release is prohibited in any country where such dissemination, publication or distribution would constitute a violation of applicable law or regulation or would subject Vivendi to any legal requirements.
Cautionary Note Regarding Forward Looking Statements.
This press release contains forward-looking statements with respect to the offers to purchase Havas shares by Vivendi as described herein. Although Vivendi believes that such forward-looking statements are based on reasonable assumptions, such statements do not guarantee the completion of the offers to purchase or the terms of such offers. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside our control, including but not limited to the risks related to antitrust and other regulatory approvals as well as any other approvals which may be required in connection with certain transactions and the risks described in the documents Vivendi files with the Autorité des Marchés Financiers (French securities regulator), which are also available in English on Vivendi’s website (www.Vivendi.com). Investors and security holders may obtain a free copy of documents filed by Vivendi with the Autorité des Marchés Financiers at www.amf-france.org, or directly from Vivendi. Accordingly, we caution you against relying on forward looking statements. These forward-looking statements are made as of the date of this press release and Vivendi disclaims any intention or obligation to provide, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American Depositary Receipt (ADR) facility in respect of its shares. Any ADR facility currently in existence is “unsponsored” and has no ties whatsoever to Vivendi. Vivendi disclaims any liability in respect of any such facility.