(Reuters) – Bouygues announced on Monday its intention to file a proposed public buyout offer followed by a squeeze-out targeting the shares of Colas, a subsidiary specializing in public works, at a price of 175 euros per share.
Bouygues’ offer, payable exclusively in cash, corresponds to “a premium of 54.2% on the Colas stock price at the close of September 15, 2023”, the group indicated in a press release.
Trading of Colas shares will be suspended on Monday and will resume on Tuesday.
Bouygues also announced the separation of the functions of president and CEO of Colas. Frédéric Gardès resigned from his position as CEO and from his mandate as director, telling the Colas board of directors that the proposed delisting and management restructuring “did not correspond to his personal expectations”.
Pascal Grangé is appointed non-executive chairman of Colas, and Pierre Vanstoflegatte becomes general director.
“This operation is part of an operation to simplify the capital structure of Colas and the Bouygues group,” specifies the company which currently holds 96.8% of the capital of Colas.
(Written by Victor Goury-Laffont, edited by Blandine Hénault)
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