French public tender offers barometer 2025 | 14th edition

We are pleased to share the fourteenth edition of our Public Tender Offers Barometer, focusing on transactions completed over the full year 2025.

Here are three key insights from this year’s report:

• Historic decline in offer volumes: 2025 recorded a c.30% decrease in public tender offers compared to 2024. This contraction was driven in part by relatively high listed company valuations on the Paris stock exchange (with the CAC 40 and SBF 120 up c.10% in 2025 vs. a c.2% decline in 2024), as well as a French political environment perceived as unstable, encouraging a “wait-and-see” approach.

• Prevalence of simplified public tender offers: Simplified offers continue to dominate, underscoring the importance of launching an offer once control has been secured in order to maximize the likelihood of a successful delisting.

• Lower premium levels: The median premium to the last share price prior to announcement stands at 22.0%, representing a c.10-point decrease compared to 2024. This trend is largely explained by a significant number of offers targeting already controlled companies, where high premiums are generally not required to complete the delisting process.

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.