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French public tender offers barometer 2024 | 13th edition


Date 11 February 2025

Type Insights

The Public Tender Offers Barometer is the opportunity for ALANTRA to provide all interested parties (e.g. issuers, shareholders, family offices, funds, lawyers, accountants) with quantitative and qualitative elements to better understand public tender offers in France.

This thirteenth edition of the barometer focuses on transactions completed during the full year 2024. Here are three key insights from this year’s report:

Significant increase in offer volumes: 2024 saw a remarkable 35% rise in public tender offers compared to prior years, driven partly by the relatively low valuation of listed companies on the Paris stock exchange as economic and political challenges impacted public markets.

Simplified public tender offers dominate: These remain the preferred approach, emphasizing the importance of initiating an offer once control of a company is secured to maximize delisting success. Notably, squeeze-out offers also saw growth.

Stable premium levels: The median premium offered on the last share price before announcements held steady at 32.0%, despite a slight decrease of 2.1 points compared to 2023. Some standout transactions featured exceptionally high premiums, particularly for some undervalued small-cap companies.

We hope that this preliminary information will help your thinking with respect to listed
companies and refine your planning of transactions. We stand ready to support you in
their execution, as an advisor and as presenting and guaranteeing bank, and by sharing
with you the full and unique benefit of our teams’ years of practical experience.