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Macquarie Infrastructure and Real Asset fails in Theolia takeover bid

17 Sep 2013

The takeover of French wind developer Theolia by Macquarie Infrastructure and Real Assets has fallen through.

The offer from MEIF4 AX Holdings, a subsidiary of Macquarie European Infrastructure Fund 4, would have enabled Theolia to repay its convertible bonds ahead of their 1 January 2015 redemption date.

Macquarie offered €1.70 per share – a premium of 51.8 per cent over the €1.12 share price on 5 July 2013, and 40.8 per cent over the volume-weighted average.

Theolia’s shareholders voted on the takeover, but the threshold 2/3 of votes approving the takeover was not reached – thus causing the offer to collapse.

Four shareholders, including Michel Meeus, chairman of the noard of directors, Pierre Salik, Brigitte Salik and CEO Fady Khallouf – representing 13.45 per cent of the share capital and 17.96 per cent of the voting rights of Theolia – earlier already committed to tender all their securities to the offer.

While the company has grown into a performing operational platform in the wind sector – it still faces the risks of the convertible bond repayments due in 2015.

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