Vivendi has bid nearly €610 million for a further 18% stake in the Lagardère Group.
According to Les Echos, Vivendi currently owns 27% in the media group and if its offer of €24.10 per share, against a closing price of €19.40 on Wednesday, September 15.
This offer has now been accepted by Amber Capital, paving the way for Vivendi to own 45.1% of the share capital and 36.1% of the voting rights of Lagardère.
As a result, it will have then passed the 30% share capital threshold required for it to launch a takeover bid.
Significantly, Vivendi has made a pledge to pay Amber Capital €610 million and to find another buyer for the stake should the transaction fail to secure regulatory approval by December 15, 2022.
The latter is likely to be dependent on Vivendi disposing of some of its publishing assets, particularly in France.
