Media 6 Targeted by a Withdrawal Offer at €9.69: Should You Tender Your Shares?
On Thursday, Media 6 filed with the AMF its response note to the public withdrawal offer initiated by Vasco SAS and the Vasseur family group, concerning the shares not held by them at a price of €9.69 per share.
Details of the Public Withdrawal Offer
The public withdrawal offer (PWO) initiated by Vasco SAS, in concert with Bernard Vasseur and five other family members, targets all Media 6 shares not directly or indirectly held by the group, excluding the 258,221 shares held by the company itself. The number of shares targeted amounts to 62,370, representing 2.37% of the capital and 1.31% of the theoretical voting rights. As of the date of the response note, the group holds 2,310,659 shares, which represents 87.82% of the capital and 93.31% of the voting rights. The Offer will be open for 10 trading days in accordance with AMF regulations.
Board's Recommendation and Independent Expert's Fairness Opinion
The Board of Directors of Media 6, convened on April 15, 2026, unanimously adopted a favorable opinion on the offer and recommended that shareholders tender their shares. BM&A Advisory & Support, appointed as the independent expert and represented by Pierre Béal, concluded that the proposed price of €9.69 per share is fair for minority shareholders. The expert highlighted that the Media 6 stock is characterized by very limited liquidity, with an extremely reduced free float and low trading volumes for several years. The expert's sensitivity analysis indicates that the offer price reflects a premium over the values obtained by discounting available cash flows.
