Vivendi has launched an obligatory squeeze-out process after securing 97.07% control of SECP, the unit that owns Canal+’s premium channels in France.
Vivendi launched a public offer for the part of SECP that it did not already own in May, extending its holding from 48.5% to 93.6% by mid-August. The company then reopened the public tender at the same price of €8 per share to enable shareholders that had not yet tendered their shares to do so.
Vivendi initiated the original tender after it said it had received a request from a large number of SECP’s other shareholders to do so. In addition to the premium channels, SECP controls Canal+’s terrestrial broadcasting licence in France and Vivendi’s acquisition of full control was only made possible by a 2009 change in the law enabling a single operator to control a licence.
The move to take 100% control of SECP is in line with Vivendi chairman Vincent Bolloré’s strategy of integrating pay TV outfit Canal+ more closely with its parent organsiation.
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