EDF Renewable Energy is proposing a public takeover of French wind farm operator Futuren.
EDF Renewable Energy, which currently holds 90.50% of the capital and 90.36% of the voting rights of Futuren, will file with the Autorite des marches (AMF) a proposed public takeover offer at a price of €1.15 per Futuren share.
EDF is proposing a ‘squeeze-out’ at the same price after the public offer.
The proposed take-over bid will be submitted for consideration by the AMF and is expected to be filed in November 2019.
Futuren’s board of directors held a meeting on 30 September, following EDF’s proposed draft buyout offer.
The board said it will issue a “reasoned opinion” on the draft offer, after examining the report of an independent expert, who will decide on the fairness of the financial terms of the proposed offer and the ‘squeeze-out’, in accordance with financial market regulations.
The independent expert’s report and Futuren’s board of directors’ “reasoned opinion” will be included in the draft response document that the wind operator will prepare and file with the AMF in view of its compliance decision on the draft buyout offer.