(News Bulletin 247) – The family concert will launch a simplified takeover bid for the entire capital, valuing the action at 50 euros per share. But this amount includes an exceptional dividend of more than 10 euros.

With the low liquidity on small and mid caps, controlling shareholders have decided in recent weeks to delist their companies. After the seed company Vilmorin, the technology group Keyrus or the robotics specialist Balyo, it is the turn of the pharmaceutical laboratory Boiron to experience such a fate.

The Boiron family, which holds 69.9% of the capital and 78.3% of the voting rights, has joined forces with the investment company specializing in health, EW Healthcare partners, with a view to filing a simplified takeover bid (OPAS ) on the entire capital of Boiron. With the intention of delisting the company if the conditions are met. This requires that the initiator of the OPAS unites more than 90% of the capital and voting rights at the end of the public offer.

The Boiron family will transfer all of its shares to a company called Boiron Développement, in which EW Healthcare will take a minority stake. It is this company Boiron Développement, set up for the operation, which will initiate the OPAS.

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A premium of 36% over the last quoted price

This operation values ​​the Boiron share at 50 euros, according to the company’s press release. The OPAS “would be at a price of 39.64 euros per Boiron share after deduction of an exceptional dividend of 10.36 euros per Boiron share”, specifies the press release. This dividend will be submitted to the vote of the general meeting of the company and will be paid to all of the group’s shareholders before the operation, provided that it takes place.

The company explains that this price of 39.64 euros per share net of the dividend would represent a premium of 36% compared to the closing on Monday. This closing price was 39.5 euros but Boiron recalculates this price by subtracting the exceptional dividend to arrive at this premium level. This brings down the price on Monday evening to 29.14 euros.

But even on the basis of these indications, this premium of 36% does not however remain enormous with regard to the latest premiums compared to the last quoted price (more than 50% for Keyrus and Balyo) on similar operations, in sectors, admittedly , very different.

To justify its decision, Boiron explains that the current strategy of the group “does not require the maintenance of the quotation, in particular in a maintenance of very low liquidity of the title”. “The status of unlisted company appears much more suited to the development of the Boiron group, which wishes to invest significantly in the medium term,” adds the group.

The Rhone group has made efforts in recent months to reduce its dependence on homeopathic care. With the entry into force of the new law on the reimbursement of homeopathic care in France in 2021, the laboratory had been forced to change strategy with the launch of new products.