Spadel CEO Marc du Bois experienced another setback, when he did not manage to obtain 95 % of the company's shares, even in a second round. He needs that amount of the company which owns water brands like Spa and Bru to exit the stock exchange.
Reached 93.03 %
Finances & Industries, the holding of the families which own the majority of shares in Spadel, has still not managed to obtain 95 % of shares in a second round of its acquisition attempt. CEO Marc du Bois obtained 92.9 % in the first round and increased that to 93.03 % in the second round.
The consequence is that the family holding cannot immediately take Spadel off of the stock exchange, as it would need 95 % of shares to do that. Once obtained, the majority shareholder can "squeeze out" the other shareholders and force them to sell their shares. Investor organization Deminor may be the reason why Finances & Industries failed with its acquisition attempt, as Deminor feels the bid is too low.
Nevertheless, Finances & Industries can ask for the company to be taken off of the stock exchange, but it will have to get approval from both Euronext Brussels and the antitrust authority FSMA (Autoriteit voor Financiële Diensten en Markten, the Financial Services and Markets Authority). These may refuse the request if it feels it is in the benefit of the smaller investor.