backKing & Spalding advised Spring Holding, the investment vehicle of the Guichard family, in the drafting of a proposed simplified public tender offer to purchase outstanding shares of Manutan International (Euronext, MAN), to be followed, if applicable, by a squeeze-out, for the Company's outstanding shares at a price of 100 euros per share, with an additional 5 euros per share to be paid out if the Guichard family group reaches the threshold of 90% ownership in share capital and voting rights, required for mandatory delisting. Prior to the transfers described hereafter, the Guichard family group held 73.28% of Manutan’s share capital and 84.52% of theoretical voting rights.
The Offer should be filed shortly with the French market regulator “AMF” by Spring Holding, which controls 64.92% of the Company’s share capital and 62.72% of its voting rights. As a result of these transactions, the Guichard family group (directly, and indirectly via Spring) continues to hold 73.28% of the Company’s share capital and 74.06% of theoretical voting rights.
A family-owned group founded in 1966, Manutan is a European leader in BtoB e-commerce. Manutan specializes in the distribution of equipment and supplies, with a model combining the strengths of digital technology with a human focus. With 27 subsidiaries in 17 European countries, the Group has more than 2,200 employees and delivered revenues of EUR 906.5 million in 2021/2022.