(News Bulletin 247) – 35 public offers were filed or announced last year, according to a barometer published by the investment bank Alantra on Thursday. However, the median premium offered on the last share price proved to be higher, settling at a record above 30%.
Much like IPOs, public offerings took a turn for the worse last year on the Paris Stock Exchange.
According to the barometer published this Thursday by the investment bank Alantra, which lists all types of offers (public purchase offer, simplified public purchase offer, public withdrawal offer, public exchange offer, etc.) , they amounted to 35 in 2022, compared to 44 in 2021, 42 in 2020 and 35 in 2019.
This number lists the offers submitted and/or announced. In the end, 33 were actually filed with the Autorité des marchés financiers. The two “missing” offers are, according to Alantra, those of Eagle Football Holdings (John Textor) on OL Groupe and Sopra Steria on CS Group.
OPAs (takeover bids) and OPAS (simplified takeover bids) accounted for 25 in total, ie three-quarters.
A record median premium
However, the acquirers were a priori more conciliatory with the shareholders of their targets. The median premium compared to the last quoted price reached a record level of 31.3% against 25.8% in 2021, i.e. a 21.3% increase in this premium.
“A general unfavorable market context (-9.5%) for the CAC 40 in 2022 and (-10.3%) for the SBF 120 in 2022 led to a general drop in stock market prices. To maintain a premium level attractive in the context of public offers, the initiators have probably offered significant levels of premiums compared to spot prices [le cours au jour le jour, NDLR]but in line with the median of the last 120/250 days”, underlines Alantra.
Another trend to highlight, the share of financial investors initiating offers, unlike manufacturers who buy a competitor to generate synergies, has increased significantly. Their proportion reached 58% last year compared to 50% in 2021 and 20% in 2017. We can cite as an example the Kyoto BidCo takeover bid, held indirectly by the American investment fund KKR on the producer of Albioma renewable energies.
Alantra puts forward several explanations, including a possible refocusing of manufacturers on their internal situation due to the difficult economic context, better knowledge and control of stock market operations on the part of financiers or even a postponement of the latter from the unlisted sector where many transactions were canceled due to the Covid, to the Stock Exchange which never stops.
Note also the growing share of public offerings on Euronext Growth, a compartment of the Paris Stock Exchange reserved for small caps, less restrictive in terms of regulatory obligations. Thus 39% of the offers submitted concerned companies listed on Euronext Growth compared to 23% in 2021 and 22% in 2020. This is a record which again has several sources of explanation, in particular the fact that these companies can be less well valued because less covered by analysts or that this compartment contains more technology companies, more sought after since the Covid.
The 5 largest public offerings on the Paris Stock Exchange last year
EDF by the French State: €9.643 billion
CNP Assurances by La Banque Postale : 2.124 billion euros
Lagardere by Vivendi: €2.014 billion
Albioma by KKR: €1.576 billion
Somfy by the Despature family: €1.099 billion
Alantra in this classification specifies having retained the amount where all the shares targeted by the offer would be tendered. This classification also includes the commissions related to the operation
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