Press release
NOT TO BE FOWARDED TO ANY PERSON OR ADDRESS IN THE UNITED STATES OF AMERICA
Neuilly-sur-Seine, April 4, 2017
GAUMONT ANNOUNCES A PUBLIC SHARE BUYBACK OFFER
The sale of Gaumont's stake in the company Les Cinémas Gaumont Pathé to Pathé at a price of €380 million approved by the Board of directors of Gaumont on April 4, 2017, once approved by the combined shareholders' meeting to be held on May 16, 2017, will result in a significant cash inflow for the Company.
Correlatively, the Board of directors of Gaumont also contemplated, on April 4, 2017, to grant Gaumont's minority shareholders the possibility to sell their shares in the context of a public buyback offer at the price of €75 per share, dividend attached, to a maximum amount of 1,657,313 shares and a maximum amount of €124,298,475, that will soon be filed with the AMF (French Financial Market Authority).
The company Ciné Par and Mr. Nicolas Seydoux, holding a stake representing 64.59% of the capital and 70.85% of the voting rights of Gaumont, have indicated to the Company that they did not intend to tender their shares to the offer.
The independent appraiser, Sorgem Evaluation, drafted a report concluding that the price of €75 per share offered in the context of the contemplated offer is fair, from a financial point of view, for the Gaumont shareholders. The premiums offered, ranging from between 30.4%, determined on the basis of the closing price of the Gaumont share on February 24, 2017 (last day before the announcement) and 26.9% compared to the highest share price recorded during the twelve months preceding the announcement of the offer. The offer price is determined according to a multi-criteria analysis which will be described in the draft information note of the offer. For information purposes, the offer would be open from May 29, 2017 to June 26, 2017.
The offer remains subject to approval by the AMF and to the approval by Gaumont combined shareholders meeting to be held on May 16, 2017.
Contact
GAUMONT
Christophe Riandée
Tel. +33 1 46 43 20 00
30 avenue Charles de Gaulle
92200 Neuilly-sur-Seine
www.gaumont.fr
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