By Adria Calatayud
Bouygues plans to launch a tender offer to buy shares in Colas it doesn’t already own for up to 182.3 million euros ($194.3 million) and delist the company, it said Monday.
The French construction-to-media conglomerate said it is offering EUR175 a share for the 3.19% stake in Colas it doesn’t hold. The price represents a 54% premium to Colas’s closing price on Friday, the company said.
As a result of the offer and the contemplated delisting, Colas Chairman and Chief Executive Frederic Gardes tendered his resignation, Bouygues said. Colas’s board appointed Pascal Grange as nonexecutive chairman and Pierre Vanstoflegatte as CEO, as the two roles will be separated going forward, Bouygues said.
Bouygues said the offer aims to simplify the capital structure of the group and Colas.
Write to Adria Calatayud at [email protected]
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