By Ed Frankl

Vivendi SE said Thursday that it will acquire activist investor Amber Capital's stake in Lagardere SA in the coming days, before launching a takeover bid for the remainder of the media group's capital.

The French conglomerate said it will acquire Amber's 17.5% holding in Lagardere at a price of 24.10 euros ($27.34) a share, having agreed the offer in September.

Vivendi will then pursue a full takeover of Lagardere, which the company intends to file with French market authorities by February 2022.

Vivendi will propose a tender offer for all Lagardere shares at EUR24.10 per share, the same price per share it paid to Amber Capital, the company said.

Lagardere's shares were up 4.3% at 0825 GMT, hitting just below the asking price at EUR24.08. Vivendi shares were flat.

Vivendi does not intend to implement a mandatory squeeze-out of Lagardere--forcing minority shareholders to sell their stock--following its offer, it said.

The transaction for Amber Capital's holding is due to take place by Dec. 15, with Vivendi holding 45.1% of Lagardere's capital at its close.

France's markets regulator obliges companies exceeding a 30% threshold in another listed company to submit a tender offer for all remaining shares, although exemptions are possible.

Lagardere has previously welcomed Vivendi's investment, saying it underscored Vivendi's confidence in a deal that would complement its own activities.

Lagardere's shares have climbed more than 17.5% in the year to date, as coronavirus restrictions that cut air-passenger traffic--key to Lagardere's travel retail business--have eased.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

December 09, 2021 04:02 ET (09:02 GMT)

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