Mannai Corporation announces its intention to file a buy-out offer followed by a squeeze-out on Gfi Informatique
Mannai Corporation, which holds 96.60% of the share capital and voting rights of Gfi Informatique, announces its intention to file with the French financial markets authority (AMF) a buy-out offer followed by a squeeze-out for the remaining shares of Gfi Informatique at a price of EUR 10.50 per share, which will be subject to the appraisal of an independent expert in accordance with applicable French regulation.
Gfi Informatique's board of directors will issue a reasoned opinion on the contemplated offer on the basis of the report of an independent expert. In this context, Finexsi has been appointed by Gfi Informatique's board of directors as an independent expert to appraise the fairness of the financial conditions of the contemplated offer.
The buy-out offer followed by a mandatory squeeze out will be subject to the AMF clearance and is expected to be filed in October 2018.
Mannai Corporation is advised by Crédit Agricole Corporate and Investment Bank acting as exclusive financial advisor and Clifford Chance acting as legal advisor. Gfi Informatique is advised by Cohen Amir-Aslani acting as legal advisor.
About Gfi Informatique
Gfi Informatique is a major player in value-added IT services and software in Europe, and occupies a strategic position in its differentiated approach to global firms and niche entities. With its multi-specialist profile, the Group serves its customers with a unique combination of proximity, sector organisation and industrial-quality solutions. The Group has around 15,000 employees and generated revenue of €1.132 million in 2017.
Gfi Informatique is listed on Euronext Paris, NYSE Euronext (Compartment B) – ISIN: FR0004038099
About Mannai Corporation
Mannai Corporation is a diversified publicly listed conglomerate spanning the key industry and services sectors. Created over 60 years ago and headquartered in Doha, Qatar, the group has grown over the years through a business portfolio and geographical diversification strategy. Today, the core activities of the group include information and communication technology, automotive distribution, jewellery retailing, heavy equipment distribution and services and engineering services to the oil and gas sector.
Mannai Corporation employs over 21,000 employees within its group of companies. As of December 31st 2017, Mannai Corporation recorded 1.62 billion euros in revenue and a 122 million euros net profit. Mannai Corporation is listed on the Qatar Exchange since 2007 (QE: MCCS).
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This press release is for information purposes only and does not constitute and cannot be construed as an offer or invitation to purchase or sell any securities of Gfi Informatique by Mannai Corporation in any jurisdiction, including in France. The dissemination, publication or distribution of this press release is prohibited in any country where such dissemination, publication or distribution would constitute a violation of applicable law or regulation or would subject Mannai Corporation to any legal requirements. These statements do not represent investment advice neither a solicitation for the purchase or sale of financial instruments as contemplated by the laws in any country or state.