Voyageurs du Monde: Withdrawal Offer at €180 per Share, Euronext Growth Exit Targeted
Avantage, the controlling shareholder acting in concert with founders and several investors, has filed a public withdrawal offer project liable to be followed by a mandatory withdrawal, prior to an exit from Euronext Growth listing.
A Price of €180 per Share and €182.52 per Convertible Bond
On September 1, 2026, Portzamparc, as presenting and guaranteeing institution, filed with the Financial Markets Authority (AMF) the public withdrawal offer project initiated by Avantage on behalf of the Concert. The offer concerns all securities not held by the Concert, at the price of €180 per share and €182.52 per convertible bond into shares (OCA).
As of the date of the information document draft, the Concert holds directly and indirectly 3,886,985 shares and 6,685,170 voting rights, representing 86.59% of the capital and 90.83% of the theoretical voting rights of the Company. The offer targets a maximum of 569,991 shares in circulation (12.70% of the capital), 13,201 OCAs and up to 13,385 shares liable to be issued through conversion of OCAs.
The duration of the offer is set at ten trading days, according to the simplified procedure. The final schedule will be determined by the AMF, which remains responsible for examining the project.
Mandatory Withdrawal and Euronext Growth Delisting Envisaged
Avantage has indicated its intention to request the implementation of a mandatory withdrawal within three months following the close of the offer, if shares not tendered and those resulting from OCA conversion do not represent more than 10% of the capital and voting rights. This procedure would result in the delisting of shares and OCAs from Euronext Growth Paris market, subject to compensation equal to the offer price, net of all fees.
According to the indicative schedule, the filing of the Company's response information document draft is scheduled for September 22, 2026, the AMF's compliance statement for October 26, 2026, the opening of the offer for October 28, 2026 and its closing for November 10, 2026. The possible implementation of the mandatory withdrawal is envisaged from the week of November 30, 2026.
The maximum total cost of the offer is estimated at €105,007,826.52, financed by acquisition bank credit. The price of €180 per share will be subject to a fairness opinion established by Crowe HAF law firm, represented by Olivier Grivillers. Jean-François Rial will continue to serve as Chairman of the Board of Directors and Chief Executive Officer of the Company.
