MEIF4, a subsidiary of Macquarie European Infrastructure Fund 4, has proposed a takeover bid for French wind project developer Theolia.
MEIF4 made an offer of €1.70 per share that represents a premium of 51.8% over the last share price prior to the announcement of the offer.
Through this arrangement, the firm intends to own Theolia’s wind energy portfolio comprising 1,269MW power capacity across France, Germany, Italy and Morocco.
According to Theolia, the proposal is aimed at providing Theolia with sustainable funds during challenging economic climate.
The takeover will enable Theolia to repay convertible bonds before the due date in 2015, at €15.29 per unit.
Theolia’s management and board have recommended the offer after the board-appointed independent expert FINEXSI confirmed the offer price was reasonable.
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By GlobalDataCommenting on the proposal, Theolia CEO Fady Khallouf said that the friendly takeover bid extended by Macquarie is a potential opportunity for the company 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," added Khallouf.
Four stakeholders – Michel Meeus, Pierre Salik, Brigitte Salik and Fady Khallouf, who have combined ownership of 13.45% of Theolia have committed to the offer.
Macquarie France president Bruno Angles noted: "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."
