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
CIMA (“Charity & Investment Merger Arbitrage Fund”) acknowledges the decision by the Paris Court of Appeal to validate the mandatory public offer made by The Walt Disney Company (TWDC) on Euro Disney, its French listed subsidiary.
We are disappointed that the Court validated the offer at such an artificially low price, which is against the interests of minority shareholders.
The specialized financial expert that CIMA commissioned has concluded, after a thorough analysis of the financials of Euro Disney, that a valuation of the company’s land rights at their fair value implies a fair price of at least 3.70 euros per Euro Disney share, while the current offer price stands at 1.25 euros per share.
Furthermore, Euro Disney’s accounts are impaired as they are abusively drained by its parent company.
We therefore consider that the current offer price is grossly underestimated and doesn’t reflect the intrinsic value of Euro Disney, especially when taking into account the compensation of the financial harm caused by TDWC and the fair valuation of the land rights.
We do intend to appeal to the French Supreme Court against this judgement by the Paris Court of Appeal.
Moreover, we have filed a few months ago a criminal complaint against TWDC for misuse of corporate assets, release of false accounts and dissemination of false information.
We are also planning to initiate a civil action on separate grounds, to demand that TWDC be ordered to repair the significant financial harm it has been causing to its subsidiary Euro Disney for 25 years.Read More