Eiffel Tower Company: SMABTP's Buyout Offer at €8.20 Deemed Fair
Eiffel Tower Company filed its response note to the public withdrawal offer launched by SMABTP at €8.20 per share with the AMF on Tuesday.
Contents of the Response Note
The document, filed on May 19, 2026, presents the motivated opinion of the Board of Directors of the Eiffel Tower Company regarding the public withdrawal offer (OPR) initiated by Société Mutuelle d'Assurance du Bâtiment et des Travaux Publics (SMABTP) and Société Mutuelle d'Assurance sur la Vie du Bâtiment et des Travaux Publics (SMAvie BTP), acting in concert with SMA SA and Imperio Assurances et Capitalisation SA.
The offer covers all the shares of the Company not held by the SMABTP group, amounting to 6,170,129 shares representing 4.64% of the capital. As of the date of the response note, the SMABTP group directly held 126,705,457 shares, corresponding to 95.35% of the capital and theoretical voting rights of the Company.
Opinion of the Board of Directors and Conclusions of the Independent Expert
The Board of Directors of the Company met on May 19, 2026, to deliberate on the offer. This opinion was adopted unanimously by the voting members; several directors abstained due to their affiliations with the initiators and others due to participations in the block sales on April 1, 2026. No divergent opinions were expressed.
The independent expert, SORGEM Evaluation, concluded on May 18, 2026, that the financial terms of the offer were fair. The price of €8.20 per share aligns with that used for the acquisition of blocks on April 1, 2026, is 0.5% higher than the EPRA NTA as of December 31, 2025, and 0.9% higher than the EPRA NDV at the same date. The ad hoc committee of three independent directors unanimously recommended the adoption of this opinion.
