JCDecaux announces details of share buyback offer

JCDecaux announced (27-May-2015), in the context of its share buy-back programme, the filing of simplified tender offer for 12.5 million shares, representing 5.57% of the share capital, at a price per share of EUR40. If the full number of shares subject to the offer are tendered, the total consideration will be EUR500 million. The offer is made to optimise the financial structure of JCDecaux. The offer will primarily be funded from the own resources of the company and in part by drawing on an existing credit facility. This transaction will:

• Offer shareholders who wish to tender their shares, the opportunity to sell a portion of their shares at a price reflecting a premium of 9% to the closing stock price of today, a premium of 21.8% to the closing stock price on 04-Mar-2015, the day before the announcement of the transaction on 05-May-2015, and a premium of 22.7% to the weighted average trading price for the 1-month period before that date;
• Increase the earnings per share and optimise the company's financial structure without penalizing its capacity to continue both organic and external growth;
• JCDecaux Holding, which holds the Decaux family's stake in JCDecaux, representing 64.34% of the share capital of JCDecaux have indicated that they will tender all of their shares in the simplified tender offer. The number of their shares tendered to the offer will be reduced on an equal basis pro rata to the shares tendered by all other shareholders;
• All shares repurchased in the context of the simplified tender offer will be canceled in accordance with the objectives of the share buyback programme;
• The offer be open from 11-Jun-2015 to 08-Jul-2015. [more - original PR]