Opening of the Tender Offer on Europcar Mobility Group’s Shares by Green Mobility Holding
Europcar Mobility Group (Paris:EUCAR):
As a reminder, Green Mobility Holding SA, a special purpose company owned by a consortium comprising car manufacturer Volkswagen AG, asset manager Attestor Limited and mobility products and services provider Pon Holdings BV1, filed on September 20, 2021 a cash tender offer for the shares of Europcar Mobility Group (the "Offer"). The price of the Offer is €0.50 per share (including dividends), plus a potential additional price of €0.01 per share if the threshold of 90% of the share capital and voting rights allowing a squeeze-out of Europcar Mobility Group is reached at the end of the Offer or the re-opened Offer.
The Offer was declared compliant by the French Autorité des marchés financiers (AMF) on November 23, 2021 and the notice of opening of the Offer was published by the AMF on November 25, 2021.
The AMF has stated that the Offer is open starting November 26, 2021. As from this date, shareholders may tender their shares to the Offer for at least 25 trading days, i.e., until at least December 30, 2021 (at the earliest, considering the time required to obtain merger control approvals).
The Board of Directors of Europcar Mobility Group has recognized the strategic benefits of the transaction, which would enable Europcar Mobility Group to combine with a consortium led by Volkswagen, a group's long-standing partner and one of the world's leading car manufacturers. Europcar Mobility Group would thus become part of its "mobility platform".
In its reasoned opinion on the Offer dated September 17, 2021, the Board of Directors unanimously determined that the Offer is in the best interest of the company, its shareholders, employees and other stakeholders. This opinion was given on the basis of the recommendations of an ad hoc committee composed of a majority of independent directors and the report of Ledouble, an independent appraiser mandated to issue an opinion on the financial conditions of the Offer. The report of the independent appraiser was completed by an addendum dated November 15, 2021, on the basis of which the Board of Directors reiterated on the same day its favorable opinion and its recommendation to the shareholders.