International Press Coverage of CIAM

CIAM: Walt Disney $2 offer ‘not fair’

HFM Week
by Jasmin Leitner

Activist hits out at price theme park giant looks to pay for Euro Disney shares

European activist fund manager CIAM has called Walt Disney’s offer to takeover Euro Disney for €2 ($2.10) per share “not fair” to minority shareholders.

CIAM, founded by Catherine Berjal and Anne-Sophie d’Andlau, said in a statement today that the minimum acceptable price is €2.50 ($2.70) per share, citing ongoing legal action and the valuation of land rights owned by Euro Disney.

The Walt Disney Company, which owns 85.7% of Euro Disney, announced its intention to tender the offer in February with the aim of taking its ownership to 95%, after which it can trigger a mandatory buy-out and delist the indebted European theme park from Euronext Paris.

Last month, CIAM stepped up pressure on Euro Disney’s board, accusing the theme park operator’s management of “criminal behaviour” in relation to a depreciation of shares.

CIAM CEO Berjal said in a letter to board members that depreciations in Euro Disney’s last annual accounts falsely assert the book value of the theme park is now zero. She added the board is obliged to disclose infringements by company management or face civil liability for the offences.