Lagardère Seeks Damages of €84 Million From Activist Fund Amber Capital
October 10 2019 - 1:46PM
Business Wire
Regulatory News:
Lagardère SCA (Paris:MMB) and Lagardère Capital & Management
are seeking nearly €84 million in damages from the activist fund
Amber Capital as compensation for the harm caused by a
destabilisation campaign involving numerous cases of abuse of
minority shareholder powers, smears and acts of harassment.
Since the activist fund Amber Capital became one of its
shareholders in 2016, Lagardère SCA has been the subject of violent
attacks by the fund, which has systematically misused its rights to
the detriment of shareholder democracy, underhandedly initiated
several legal proceedings and orchestrated an ongoing smear
campaign, particularly through the press, against the Group, its
General Partners and its Supervisory Board.
The persistence of this aggressive conduct and the methods used
by Amber Capital have impacted Lagardère SCA’s ability to convince
the market and shareholders of its attractiveness, causing the
share price to fall significantly. Lagardère SCA and Lagardère
Capital & Management’s losses are currently estimated at nearly
€84 million based on the report issued by a firm of experts
registered with the Paris Court of Appeal.
Lagardère SCA and Lagardère Capital & Management have
therefore decided to file legal action against Amber Capital before
the Paris Court of Appeal seeking compensation and justice for the
losses and harm caused.
***
Until recently, the Lagardère group was structured into four
business divisions: Lagardère Publishing, Lagardère Travel Retail,
Lagardère Sports and Entertainment and Lagardère Active. In 2018,
the Group launched its strategic refocusing around two priority
divisions: Lagardère Publishing and Lagardère Travel Retail.
Lagardère shares are listed on Euronext Paris.
www.lagardere.com
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version on businesswire.com: https://www.businesswire.com/news/home/20191010005784/en/
Press Thierry Funck-Brentano
Tel: +33 1 40 69 16 34 tfb@lagardere.fr Ramzi Khiroun Tel: +33 1 40
69 16 33 rk@lagardere.fr
Investor Relations Florence
Lonis Tel. +33 1 40 69 18 02 flonis@lagardere.fr
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