MSC subsidiary offers €142.03/share to buy 42% stake in Clasquin
Clasquin reported sales of €562mn in 2023, a decline of 36% YoY, and Group share of net profit was down 16% to €18mn
SAS Shipping Agencies Services (SAS), a subsidiary of MSC Mediterranean Shipping Company, has entered into a put option agreement for the acquisition of shares held by Yves Revold and Olymp in French logistics major Clasquin, representing 42.06 percent of the share capital at €142.03 per share.
"The price represents a premium of 13.17 percent over the last closing price and 14.22 percent over the volume-weighted average over the 60 trading days preceding the announcement of the offer, and of 59.94% to the last closing price and 70.42 percent over the volume weighted average over 60 trading days before the announcement of the entry into exclusive negotiations between Yves Revol, Olymp and SAS," says a release from Clasquin.
The final legal documentation relating to the acquisition will be concluded after consultations with the relevant employee representative bodies of Clasquin, the release added. "Completion of the transaction, which will be subject to obtaining clearances from the competent regulatory authorities, is expected to happen by year end."
SAS will thereafter file a tender offer with the Autorité des Marchés Financiers (AMF) for the remaining shares of Clasquin at €142.03 per share, the release added. "The transaction is supported by the Chief Executive Officer of Clasquin and other key management team who have committed to tender all of their Clasquin shares into SAS’ tender offer, representing 8.5 percent of the share capital."
The company's equity capital is €4.6 million divided into 2.3 million shares with a par value of €2. MSC will therefore end up acquiring Clasquin at around €327 million if all the shares are tendered.
The Clasquin Group would continue to operate together with its teams and under the Group’s brands (Clasquin, Timar, LCIClasquin Cargolution, CVL, Exaciel, Art Shipping International and Transports Petit in particular), the release added.
Clasquin reported sales of €562 million in 2023, a decline of 36% YoY, on six percent increase in number of shipments to 334,889. Group share of net profit was down 16% to €18 million.