(News Bulletin 247) – The company born in 1967 and known to the general public for its advertisements will be bought by an agricultural cooperative called Terrena which should delist it.
“Pirates”! This short sentence certainly still resonates in the minds of many people who have kept the Tipiak commercial in mind.
Founded in 1967, this company resulting from the merger of two companies, Maison Groult and Etablissement Billard, specializes in the food industry with two sectors, cold (aperitifs, cocktails, ready-made and frozen meals) and hot (groceries, cereal dishes, puff products to garnish). She is best known to the general public, therefore, for her advertisements.
This group, whose sites are based in the West of France, around Nantes and Quimper, in particular, is also listed on the Paris Stock Exchange, displaying a small capitalization of 60.78 million euros before Monday’s session. .
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A bonus of more than 30%
But the company, which has been listed on the stock exchange since 1988, should not be listed for much longer. Friday after the market closed, Tipiak announced that its majority shareholders had entered into exclusive negotiations with the agricultural cooperative Terrena with a view to selling them their majority stake in the capital of Tipiak SA, this controlling block representing 77.95% of the capital.
The price proposed for Terrena is 88 euros per share, a premium of 32.3% compared to the closing price on Friday evening (66.5 euros). This price also values all Tipiak SA shares at 80.4 million euros.
If the acquisition of the controlling block is completed, Terrena will file a mandatory simplified public purchase offer (OPA) on the balance of Tipiak SA shares at a price of 88 euros per share.
In the event that Terrena exceeds 90% of Tipiak’s capital, the agricultural cooperative will delist the agri-food group.
The acquisition of the controlling block and the completion of the OPAS must take place during the first half of 2024, Tipiak said.
“In order to strengthen and accelerate the development of Tipiak, the historic family shareholders have chosen to transfer control of the capital to a leading agricultural and food cooperative group, sharing the same values and corporate cultures, with a strong presence in the regions where Tipiak sites are located: Pays de Loire, Brittany, New Aquitaine, Normandy”, assured the company in a press release.
Numerous outings from the Parisian coast
On the Paris Stock Exchange, Tipiak shares are preparing to soar to reach the takeover price. Its price is therefore expected to rise sharply, according to indications from Euronext.
Last year Tipiak generated sales of 239.4 million euros, an operating profit of 7.2 million euros and a profit of 4.1 million euros.
But in the first half of 2023 its sales fell slightly and the group posted a net loss of 3.7 million euros. The company then indicated that it was studying different “strategic shareholder development options” with the investment bank Macquarie Capital to continue its long-term development in France and internationally.
Even if its size remains relatively modest, Tipiak marks a probable new exit from the Parisian coast, which should therefore take place next year.
The company joins a fairly large list of companies which have recently decided to leave the Parisian market after a buyout or because their reference shareholder no longer sees much interest in remaining listed on the stock exchange, the market not necessarily valuing the average and small capitalizations which have underperformed larger groups on the stock market for several years. Among these companies already leaving the Parisian market are Vilmorin, Keyrus, Paragon ID, Balyo and Technicolor Creative Studios.
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