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Paris, November 27, 2018
HORIZON
Acquisition of a 9.59% stake in Parrot by Horizon,
its controlling shareholder
Announcement of a proposed takeover bid at € 3.20 per share
Noting the recent fall in Parrot's share price, Horizon, a company wholly owned by Henri Seydoux and his family, and Parrot's controlling shareholder, with 36.10% of its share capital and 36.91% of its voting rights.announces it has entered into a share purchase agreement with a shareholder representing 9.59% of Parrot's share capital for a price per share of 3.20 euros.
Following this acquisition, Horizon will hold 45.69% of the share capital and 46.71% of Parrot's voting rights.
In accordance with stock market regulations and in order to offer liquidity to Parrot shareholders who wish to do so, Horizon intends to file with the Autorité des marchés financiers, as soon as possible, a take-over bid for the Parrot shares it does not hold at the same price of 3.20 euros per share, as well as an offer on the warrants at a price representative of the price offered for the shares. The share offer would result in a premium of 94.2% over Parrot share closing price on November 26, 2018 and 52.0%, 19.1%, (15.3)% and (35.3%). , 7)% on the average of the weighted prices by Parrot share volumes of the last one, three, six and twelve months.
Horizon does not plan to implement a squeeze-out.
The public offer and the draft offer document will remain subject to review by the AMF. The representative bodies of the personnel will be consulted as part of the tender offer.
The offer will not be subject to any conditions other than the expiration threshold provided for by the applicable regulations. In addition, Horizon has approached Parrot with its project so that the company can meet its board of directors as soon as possible.
Warning : This press release does not constitute an offer to acquire securities. The offer will only be made in accordance with the offer documentation which will contain the complete terms and conditions of the offer. The offer documentation will be submitted to the AMF for review and the offer will only be opened after obtaining the AMF compliance decision. Any decision on the offer must be based exclusively on the information contained in the offer documentation.
This news release has been prepared for informational purposes only. The distribution of this press release, the offer and its acceptance may be the subject of specific regulations or restrictions in certain countries. The offer is not intended for persons subject to such restrictions, either directly or indirectly, and is not likely to be subject to any acceptance from a country where the offer would be subject to such restrictions. Accordingly, persons in possession of this press release are required to learn about and comply with local restrictions that may apply.
Horizon is not responsible for any violation of these restrictions by anyone.
Based on a number of 30,174,671 shares in Parrot S.A. as of October 31, 2018, and 29,516,672 voting rights (excluding treasury shares and liquidity contracts).
The seller would receive a price supplement if Horizon would submit a takeover bid at a higher price within 6 months.
This announcement is distributed by West Corporation on behalf of West Corporation customers.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: PARROT via Globenewswire
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