The Orange group has announced an offer for all the shares of Orange Belgium it does not yet own. The bid will be submitted to the Belgian Financial Services and Markets Authority (FSMA) for approval, in the form of a conditional voluntary public takeover offer. Orange Belgium, after reading the press release issued by the group, said its board of directors will meet as soon as possible to examine the offer.
The cash offer is worth EUR 22 per share, with no minimum acceptance threshold, valuing Orange Belgium at about EUR 1.3 billion. That price would be 35.6 percent higher than the share’s closing price on 2 December and up 49.3 percent from its average price over the last six months.
The Orange group currently holds 52.91 percent of Orange Belgium. A delisting of Orange Belgium shares may be considered if Orange reaches a stake of at least 90 percent and voting rights of 95 percent.
The Orange group said it will pay for the Orange Belgium offer using part of the USD 2.2 billion it received after the successful resolution of a tax dispute. The group said it wants to strengthen its leadership both in France and abroad, and to adapt the capital structure of its subsidiaries "to their needs."
