Bourrelier Holding: AMF clears €67.60 offer, delisting in sight
The decision issued on 5 November 2026 paves the way for the delisting of the family holding company: M14 will request a squeeze-out at the same price for the 12,156 shares, representing 0.20% of the share capital, that it does not yet hold together with its family.
A 41% premium to the share price, a price in line with the revalued net asset value
M14, a civil company controlled by Jean-Claude Bourrelier, holds 99.80% of the share capital together with the other members of the family concert, including the 14,987 treasury shares, which are excluded from the offer. The information memorandum explains the plan to delist from Euronext Growth on the grounds that the very small free float, according to the initiator, no longer justifies a listing.
The proposed price stands at €67.60 per share. The AMF noted that it is higher than the volume-weighted average share price over the sixty trading sessions preceding the announcement of the project on 2 July 2026, which amounts to €49.03.
According to the valuation elements established by Invest Securities, the presenting institution, this price represents a premium of 41% over the closing price on 2 July 2026 (€48.0) and 25% over the one-year high (€54.0). It is close to the midpoint (€67.4) of the net asset value range retained as the primary method, between €65.3 and €69.7.
Price deemed fair by the expert, supplement linked to the Intergamma arbitration
The price could be increased by a supplement if a sum is actually paid to the company or one of its subsidiaries under the pending arbitration proceedings against Intergamma, following a decision no longer subject to any appeal or a settlement agreement. The squeeze-out provides for compensation equal to the offer price.
The firm Jacques Potdevin et Associés, appointed independent expert on 2 July 2026, concluded in its report dated 2 September 2026 that the price is fair, including in the event of a squeeze-out and with regard to the terms of the price supplement. An addendum dated 16 October 2026 confirmed this conclusion.
The board of directors issued its reasoned opinion on 2 September 2026, then reiterated it on 16 October based on this addendum.
According to the information memorandum, the half-year accounts published on 9 October, which showed net income attributable to the group of €12.5 million compared with €6.9 million a year earlier, are broadly in line with the 2026 business plan used for the valuation.
This finding covers the group's three businesses (distribution, industry and hotels) as well as holding company costs. The timetable for the offer will be published at a later date.
