Gaumont: Public Buyout Offer at 100 Euros Deemed Fair, Board Approves
On July 17, 2026, Gaumont filed with the AMF its response to the public buyout offer initiated by Ciné Par and the Seydoux family group, proposing to acquire all shares at a price of 100 euros.
An Offer Initiated Following AMF's Decision
The public buyout offer follows the AMF's decision on October 10, 2025, which required the Seydoux family group, holding 89.95% of the capital, to launch a public buyout offer within six months. This decision was made following a request from Axxion and other minority shareholders, citing that the liquidity of the stock no longer allowed the sale of shares under normal conditions of time and price. Gaumont, Ciné Par, and shareholders from the Seydoux family had filed an appeal to annul this decision with the Paris Court of Appeal, which was rejected on March 19, 2026.
Board's Favorable Opinion and Fairness of Price According to Expert
The board of directors of Gaumont, convened on July 16, 2026, expressed a favorable opinion on the offer. The firm Associates in Evaluation and Financial Expertise (A2EF), appointed as an independent expert, concluded that the price of 100 euros per share is financially fair for minority shareholders. The board noted that the offer provides shareholders with immediate liquidity in a market characterized by limited float and liquidity. According to the independent expert, the offered price represents a premium of 23.5% over the closing price on October 13, 2025, the day before the AMF's decision was published, and premiums of 27.3%, 24.6%, and 27.3% respectively compared to the averages of the last 60, 120, and 180 days prior to that date.
Initiator's Intentions and Offer Schedule
Ciné Par indicated that the offer is part of a strategy to continue the company's operations and development. The initiator does not foresee any merger, significant changes to the operational model, or legal restructuring. No cost synergies related to the offer are anticipated, and there are no plans for a mandatory buyout following the offer or to delist the shares. The offer covers 313,593 floating shares, as well as an additional 3,456 shares that may be issued if option holders exercise their rights within the required timeframe. The indicative schedule sets the offer to open on September 25, 2026, and close on October 8, 2026, spanning a 10-day trading period.
