By Ed Frankl

Vivendi SE said Thursday that it will acquire activist investor Amber Capital's stake in Lagardere SA in the coming days.

The French media conglomerate will acquire Amber's 17.5% holding in Lagardere at a price of 24.10 euros ($27.34) a share, having agreed the offer in September.

The transaction is due to take place by Dec. 15, with Vivendi holding 45.1% of Lagardere's capital at its close.

The move paves the way for Vivendi to pursue a full takeover of Lagardere, which the company intends to file with French market authorities by February 2022.

France's markets regulator obliges companies exceeding a 30% threshold in another listed company to submit a tender offer for all remaining shares, although exemptions are possible.

Vivendi will propose a tender offer for all Lagardere shares at EUR24.10 a share, the same price per share it paid to Amber Capital, the company said.

Vivendi doesn't intend to implement a mandatory squeeze-out of Lagardere following its offer, it said.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

December 09, 2021 02:53 ET (07:53 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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