Pierre & Vacances-Center Parcs: Mubadala Capital Offers Up to €2.00 per Share
On Monday, the board of directors of Pierre & Vacances-Center Parcs received a firm and fully financed offer from Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company, to acquire all the outstanding shares of the local tourism group.
Offer of €1.90 per Share with Coupon Attached
The firm offer includes a valuation of €1.90 per ordinary share with coupon attached and €1.79 per share with coupon detached, increased by an additional €0.10 per ordinary share if Mubadala Capital implements a compulsory withdrawal of all outstanding shares and proceeds to delist the company following the offer. An extraordinary distribution of bonus premiums of €0.11 per ordinary share is also contemplated, making a total potential value of €2.00 per share. This premium will be subject to shareholder approval at an extraordinary general meeting scheduled around September 30, 2026. The offer also includes compensation elements for other instruments: €0.04 per Shareholder Warrant (increased by €0.02 in the event of compulsory withdrawal) and €0.12 per Creditor Warrant (increased by €0.04 under the same conditions); €39,730.62 per MIP preference share (increased by €2,091.09 in the event of compulsory withdrawal) and €190,000.00 per ADP GB Tranche 2 preference share (increased by €10,000.00).
Board Unanimously in Favor, 80% Capital Requirement
The board of directors, convened on June 19, 2026, unanimously welcomed the proposed transaction, without prejudice to the reasoned opinion it will issue in the context of the public offer. However, the completion of the transaction remains conditional upon Mubadala Capital securing, by July 17, 2026, commitments to contribute representing at least 80% of the company's outstanding share capital. Representatives from Fidera Limited, Benefit Street Partners, and Pastel Holding, major shareholders representing 58.6% of the capital, have expressed their support for the transaction.
Public Offer Submission Scheduled for the First Quarter of 2027
The submission of the public offer is scheduled for the first quarter of 2027, subject to the satisfaction of customary conditions including regulatory approvals regarding merger control, foreign subsidy regulations, and foreign investment controls in the jurisdictions where the Group operates. An ad hoc committee composed of independent members has been established in accordance with the provisions of the AMF General Regulation, chaired by Georges Sampeur. Finexsi, represented by Olivier Peronnet and Errick Uzzan, has been appointed as the independent expert to deliver a report including a fairness opinion on the financial terms of the public offer.
