Eiffel Tower Company: SMABTP Initiates a Buyout at €8.20, a 115% Premium
SMABTP Group, holding 95.35% of the capital of Eiffel Tower Company, has submitted a public buyout offer for the shares it does not own, at a price of €8.20 per share.
Comprehensive Buyout Offer
SMABTP Group proposes to acquire in cash all the remaining shares of Eiffel Tower Company that it does not own at a price of €8.20 per share. This price aligns with the EPRA Net Tangible Assets (NTA) continuation value of €8.16 per share as of December 31, 2025. It represents a premium of 115.2% over the last closing price before the announcement of the offer (March 31, 2026) and 101.8% over the volume-weighted average price of the last 60 trading days. On April 1, 2026, SMABTP concluded share acquisition agreements with AG Real Estate (0.67% of the capital and voting rights) and Suravenir (0.86% of the capital and voting rights).
Board of Directors' Response and Independent Committee Formation
The Board of Directors, convened on April 2, 2026, acknowledged SMABTP's intention to submit the offer. An ad hoc committee composed of independent directors was formed, chaired by Bibiane de Cazenove and including Christine Sonnier and Marie Wiedmer-Brouder. The firm Sorgem Evaluation has been appointed as the independent expert to assess the fairness of the financial terms. The offer will be followed by a mandatory buyout procedure targeting all shares not held by SMABTP after the offer, with the implementation conditions already met. The filing of the project with the Financial Markets Authority is expected in the coming weeks.
