The Musée Grévin is an icon of Paris: it opened its doors on 5 June 1882. The Musée Grévin public limited company was listed on the stock exchange in 1904. Listed on Compartment C of the Euronext Paris market, the company was overwhelmingly majority-owned by Compagnie des Alpes (96 per cent of the share capital, 97 per cent of the voting rights).
On 1 February 2022, Compagnie des Alpes, through Crédit Agricole Mutuel des Savoie, filed a proposed public buy-out offer followed by a compulsory buy-out targeting Musée Grévin shares.
The offer price of €66 represented a premium of approximately 25 per cent compared with the last quoted price on 31 January 2022 and approximately 30 per cent compared with the average price over the three months preceding that date.
SORGEM Evaluation was appointed as the independent valuer for the transaction, to analyse whether the financial terms of the offer were fair to the company’s shareholders. To this end, we analysed, in particular, the historical and forward-looking data relating to the company and its market. Our valuation opinion was based in particular on our analysis of the share price and the results of our valuation work, which utilised the discounted cash flow (DCF) method and market multiples of comparable companies.
The compulsory withdrawal is due to take place on 12 April 2022.
Article précédent 