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Takeover offer for Theolia launched by Macquarie

MEIF4 AX Holdings SAS, a subsidiary of Macquarie European Infrastructure Fund 4, which is managed by Macquarie Infrastructure and Real Assets, has made a friendly takeover offer for Theolia.

Theolia is an independent wind electricity producer, which operates 1,269 MW of wind capacity on its own account and for third party customers in France, Germany, Italy and Morocco.
The offer aims to give Theolia a long-term, majority shareholder that will provide stability in a difficult economic and regulatory environment. Theolia will thus be able to plan for repayment of its convertible bonds ahead of the early redemption date of 1 January 2015, and to pursue its development plans.
Furthermore, the offer provides the shareholders, the holders of the convertible bonds and the holders of the warrants immediate and total liquidity at an attractive valuation. The price of EUR1.70 per share, assessed as fair from a financial standpoint by the board-appointed independent expert, offers a premium of 51.8 per cent over the last share price prior to the announcement of the offer and 40.8 per cent over the volume-weighted average price over one month.
As at the date of filing the offer, four shareholders (Michel Meeus, Pierre Salik, Brigitte Salik and Fady Khallouf) representing 13.45 per cent of the share capital of Theolia (17.96 per cent of the voting rights) have committed to tender all their securities to the offer.
Bruno Angles, president of Macquarie in France, says: “We welcome the support of Theolia’s management and board. We are conscious that Theolia still has a lot of work to do in order to deliver on its various projects. We look forward to working alongside Fady Khallouf, who will continue to lead the company through this new phase of its development, capitalizing on his experience, expertise and energy. We are very pleased to be launching this offer.”
Fady Khallouf, Theolia’s chief executive, says: “After three years of transformation, Theolia has become an efficient operating platform. This friendly takeover offer is a great opportunity for Theolia and its shareholders. It would allow Theolia to both repay the convertible bond and increase its capacity for future development. Macquarie is an ideal long-term investor to support Theolia in this new phase.”

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