Argan-WDP Merger: Commissioner Deems Exchange Ratio of 3 WDP Shares for 1 Argan Share Fair
The merger commissioner's report was made available to Argan shareholders on October 19, 2026. It addresses the exchange ratio and withdrawal price of the proposed cross-border merger with Belgian company Warehouses De Pauw (WDP), just weeks before the logistics real estate company's shareholders vote.
Exchange Ratio of 3 WDP Shares for 1 Argan Share and Withdrawal Price of €71.10
The report was prepared by Olivier Péronnet, partner at Finexsi - Expert & Conseil Financier. He was appointed merger commissioner by order of the president of the commercial court of Nanterre dated July 28, 2026.
He concludes that the exchange ratio of 3 WDP shares for 1 Argan share, following the exceptional distribution of €11 per share agreed between the parties, is fair.
Regarding the withdrawal price of €71.10 set by the parties, or €60.10 after this exceptional distribution, the commissioner considers it to be based on appropriate valuation criteria and appears justified in the context of the merger.
Shareholder Vote on November 20 at Palais Brongniart
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The report is available in full on the argan.fr website, under the "General Meetings - 2026" section of the "Investors & Shareholders" tab. It complements the documentation prepared for Argan's mixed general shareholders' meeting.
The meeting will be held on November 20, 2026 at 11 a.m. at Palais Brongniart, 16 Place de la Bourse, in Paris (2nd arrondissement). Shareholders will be called upon to vote on the merger proposal, among other matters.
Completion Expected in First Quarter 2027, Subject to Conditions
According to the company, the project is progressing in line with the planned timeline. Completion of the merger is expected in the first quarter of 2027, subject to the satisfaction of the conditions precedent to the transaction, including approval by the shareholders of both companies.
Argan has also published a 2027 financial calendar which it presents as indicative and subject to change, notably depending on the completion of the merger: fourth quarter 2026 revenue on January 4, 2026 annual results on January 21, and general meeting on March 25.
Management commentary: ARGAN rehausse à nouveau son objectif annuel pour les revenus locatifs au titre de 2026 et vise au moins 222 M€, soit une progression de + 5 % par rapport à 2025.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
