After a detailed review of the offer document regarding Euro Disney SCA, CIAM considers that the price of 2 euros per share is not fair for minority shareholders of the company. CIAM thinks that the minimum acceptable price is 2.50 euros per share, given the perspective of ongoing legal actions and the valuation of the land rights owned by Euro Disney SCA.Read More
Communiqué de Presse
CIAM prend acte de l’offre publique lancée par Safran sur Zodiac Aerospace. Le Conseil de Surveillance de Zodiac ayant décidé d’un rapprochement industriel conformément à notre demande de revue stratégique et de changement de gouvernance, nous interrompons le processus de contestation en Assemblée Générale que nous avons entrepris afin de nous concentrer sur l’analyse de l’offre qui, de prime abord, parait équitable d’un point de vue financier et de sa structure.
January 19, 2017, Paris Press release
CIAM takes stock of Safran’s friendly offer for Zodiac. In light of Zodiac’s Supervisory Board’s decision to enter into a transaction after our requests for a review of strategic alternatives and for governance changes, we are suspending the ongoing proxy fight which we have initiated and are focusing on analyzing terms of such offer which on first sight appear to be fair from a financial point of view and from its structure.Read More
Press Release CIMA fund has filed with the AMF to challenge the appraisal work carried out as part of the fairness opinion on the exchange ratio proposed by Altice to the minority shareholders of SFR. It considers further that the evaluation methodology used by the firm Accuracy is biased and truncated. In addition, the majority of members of the board appointed by SFR to oversee the expert's work do not provide sufficient guarantees of independence. In conclusion, the exchange ratio offered to SFR minority shareholders on their SFR shares does not reflect the real value of SFR, and cannot be considered as fair.Read More