The holding company running billionaire Xavier Niel’s bid to take Iliad Group private surpassed the size of stake required to launch a squeeze-out procedure to acquire the remainder.
In an update on Holdco’s €3.1 billion bid to buyout minority stakeholders, it revealed it owned more than 96 per cent of the operator group’s shares as of yesterday (29 September).
Having surpassed the 90 per cent needed to acquire the remainder and delist the company, it noted the squeeze-out procedure would be invoked in the “coming days”.
At the time Neil’s holding company announced the big money bid in July he controlled almost 71 per cent of Iliad Group equity. By the time the buyout was formally kicked-off earlier this month, this had been increased to 84 per cent.
On originally announcing the move Niel stated the operator required “rapid changes and major investments which will be easier to undertake as an unlisted company” for its next stages of growth.