In 2022, we advised several investment funds regarding the French State's public offer for EDF and their challenge to the twelve euro offer price, which was criticized by numerous investors.
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Advisory to several investment funds regarding the French State's public offer for EDF and their challenge to the offer price
Advice to several investment funds (2022) challenging the €12 price of the French State's public offer for EDF, highlighting issues of governance, independent expertise and transparency.
Background
Experience
We highlighted in the press and to public authorities the numerous governance problems posed by the transaction, the inconsistencies in the independent expert report, and the lack of transparency by the State and EDF in the context of the offer.
French law provides target company minority shareholders with limited protection of their interests, particularly given the weak independence guarantees for independent experts and the limited oversight exercised by the AMF over the transaction. We highlighted several substantial legal problems involved in the transaction and emphasized the need for an evolution in the practices of public offer initiators and their oversight.
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