Gameloft/Vivendi Court of Appeal decision due 4 May
The Paris Court of Appeal has set a deadline of 4 May to decide on Gameloft’s [EPA: GFT] appeal against the Autorite des Marches Financiers’ (AMF) decision to approve the Vivendi [EPA: VIV] tender offer, according to a person briefed on the situation.
On 18 March, the AMF approved the public offer made by Vivendi for Gameloft. Vivendi's offer was initially due to close on 10 May.
Two appeals have been made by Gameloft in connection with this case, a second person briefed said. A first appeal contests the AMF decision regarding the conformity of Vivendi’s offer, this person explained, while the second requests the date of the closing of Vivendi’s offer to be pushed back until the Court of Appeal renders its decision.
The closing of Vivendi’s offer now depends on the decision of the Paris Court of Appeal following the appeal made by Gameloft, the second person and a lawyer following the situation added.
Gameloft declined to comment or to specify the basis of its second appeal.
It is unlikely Vivendi will revise its offer prior to the decision from the Court of Appeal, the first person said. Vivendi’s offer for Gameloft is at EUR 7.20 a share and is conditional on minimum 50% acceptances. Gameloft shares are currently trading at EUR 7.45.
Gameloft’s founding Guillemot family, which is said to be putting some defence strategy in place, is thought to have appointed a lead director very recently in a move to step up its defence strategy, the lawyer said.
On 29 March, the board of Gameloft responded unfavourably to the takeover offer from Vivendi, stating a lack of strategic interest for Gameloft, with very few synergies. Gameloft also said that the offer price undervalued the company.
Vivendi declined to comment.