Polygon's Communication on the Results of the Offer on Orange Belgium
Polygon Global Partners LLP, managing 5.29% of Orange Belgium's total share capital, has opted not to tender its shares in Orange SA's voluntary offer. Following this, Orange SA holds 74.68% of Orange Belgium's shares and will re-open the offer for five trading days. Polygon argues that Orange SA's offer of €22 per share undervalues Orange Belgium, citing significant EBITDA growth in Q1 2021 aligned with its business plan. Polygon believes other minority shareholders will resist the offer, preventing Orange SA from reaching the 95% threshold needed for a squeeze-out bid.
- Polygon holds 5.29% of Orange Belgium shares, representing significant minority shareholder presence.
- Orange Belgium reported significant EBITDA growth in Q1 2021, indicating strong business performance.
- Polygon asserts that Orange Belgium's business plan projects results exceeding current consensus estimates.
- Orange SA's offer price of €22 per share is considered inadequate by Polygon, potentially impacting shareholder sentiment.
- Orange SA will not reach the required 95% voting shares for a squeeze-out bid, limiting its acquisition strategy.
LONDON, April 27, 2021 /PRNewswire/ -- Polygon Global Partners LLP is the investment manager for the Polygon European Equity Opportunity Master Fund and certain client accounts which collectively are the holders of
Today Orange SA published the results of its voluntary offer on Orange Belgium.
Orange SA now holds
Orange SA has decided to exercise its right to re-open the offer for five trading days.
Polygon still owns
Consequently Orange SA will not in any event reach the required threshold of
As indicated in its Open Letter to the Board of Directors of Orange Belgium of 7 December 2020 and its public releases of 1 February 2021 and 12 April 2021, Polygon believes that Orange SA's offer of
Polygon reiterates its view that Orange SA's offer price substantially undervalues Orange Belgium on a standalone basis. Among other factors, Polygon believes that Orange SA's offer reflects a price that has been, in Polygon's view, temporarily and unjustifiably depressed by COVID-19 and lingering worries of a potential fourth entrant into the Belgian mobile market.
As evidenced in the results for the first quarter of 2021 which it just released on 21 April 2021, Orange Belgium has experienced significant EBITDA growth, perfectly in line with the company's business plan unveiled during the takeover process. This business plan projects even more ambitious results than the current consensus estimates for the company.
As Orange Belgium continues to execute on its business plan, Polygon believes that other minority shareholders will similarly resist tendering their shares at the current offer price.
About Polygon:
Polygon is a global private investment firm founded in 2002 managing approximately
This press release has been issued for information purposes only and does not constitute investment advice. Orange Belgium shareholders should seek their own advice in relation to the Orange SA tender offer. The information in this press release should not be interpreted as implying that Polygon's clients who currently hold positions in Orange Belgium will increase or retain those positions during any particular time period. Polygon reserves the right to reduce or increase the clients' positions in Orange Belgium at any time.
For further information, please contact:
Polygon: | Press Inquiries: | |
Investor Relations | Prosek Partners | |
United States | United Kingdom Harriet Sloane +44 (0) 7771 810 803 |
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SOURCE Polygon Global Partners LLP
