Belgian investment vehicle Gramo has completed its mandatory public cash takeover bid for building systems group Deceuninck.
The mandatory offer was legally triggered in June when Francis Van Eeckhout exercised 1,050,000 warrants. The transaction increased Gramo BV’s and its affiliated persons' combined shareholding in Deceuninck from 29.99 percent to 30.52 percent, crossing Belgian takeover law’s mandatory 30 percent control threshold and requiring a formal offer for the remaining 69.48 percent of shares.
The cash offer was set at €2.11 per share for all outstanding voting shares not already held by Gramo or its affiliates. 1,863,092 shares (1.33% of total outstanding stock) were tendered into the bid. Following settlement, Gramo and its affiliates consolidated their position as primary shareholders with 44,472,022 shares, representing 31.86 percent of Deceuninck's total voting rights.
Following approval by the Financial Services and Markets Authority (FSMA) on 14 July, the bid’s acceptance period ran from 16 July to 30 July, with the payment for tendered shares finalised on 20 August.
Throughout the transaction, Gramo confirmed that it has no intention of delisting the building-materials manufacturer and recycler from Euronext Brussels, nor will it voluntarily reopen the bid or initiate a simplified squeeze-out procedure, thereby ensuring that Deceuninck remains a publicly traded company.
The Board of Directors of Deceuninck was advised throughout the transaction by law firm A&O Shearman, with the deal team led by Frederiek Adams and Sophie Rutten, together with Jasper Clarys.
Gramo BV was advised by KBC Securities as financial adviser, KBC Bank as centralising agent and Stibbe BV as legal adviser.
