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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