Bourrelier Group: withdrawal offer at €67.60 deemed fair by independent expert
The company filed with the AMF its draft response memorandum to the public withdrawal offer initiated by M14, accompanied by an independent expert's report qualifying the price as fair.
Draft response memorandum filed on September 2, 2026
Bourrelier Group filed with the Financial Markets Authority (AMF) on September 2, 2026 its draft response memorandum to the public withdrawal offer targeting its shares, initiated by the civil partnership M14. The document was prepared in accordance with articles 231-19 and 231-26 of the AMF's general regulations.
The offer covers all shares not held by M14 and the Family Concert, excluding 14,987 self-held shares, representing a maximum of 12,156 shares accounting for 0.20% of capital and 0.10% of voting rights. The proposed price is €67.60 per share, payable in cash, subject to a potential price adjustment.
The draft offer and draft response memorandum remain subject to AMF review.
Independent expert concludes on the fairness of the price
The firm Jacques Potdevin et Associés, appointed as independent expert, submitted its report on September 2, 2026. According to this report, the price of €67.60 falls within the valuation range derived from revalued net assets, the method retained as primary, with a central value of €66.31.
The expert notes a premium compared to the benchmarks retained for indicative purposes (stock market price, net book value of €58.40 as of December 31, 2025, and the 2021 public withdrawal offer executed at €52.50). It concludes that the price is fair from a financial perspective for the targeted shareholders, in the perspective of a mandatory withdrawal.
The board of directors, meeting on September 2, 2026, issued a favorable opinion on the project and recommended that shareholders tender their securities, with president Jean-Claude Bourrelier abstaining from voting in his capacity as M14 manager.
