France's Financial Markets Authority (AMF) has ordered Danae Group to comply with its obligation to file a draft mandatory takeover bid for the Entreprendre shares it does not own, setting a one-month deadline. Danae Group announced on 17 May 2024 that it had acquired a controlling block representing 85.38% of Entreprendre’s share capital and 75.68% of its voting rights. As Entreprendre’s shares trade on Euronext Growth, crossing the 50% thresholds for both capital and voting rights placed Danae Group in a situation of mandatory tender offer under the applicable rules, but no draft offer had been filed. The AMF decided on 15 April 2025, under Article L. 621-14 II of the Monetary and Financial Code and after considering Danae Group’s observations dated 10 March 2025, to issue the injunction. Danae Group was notified on 23 April 2025 and must file the draft takeover bid no later than 23 May 2025.
France Autorite des marches financiers 2025-05-13
France's Financial Markets Authority orders Danae Group to submit a draft mandatory takeover bid for Entreprendre by 23 May 2025
France's Financial Markets Authority (AMF) has ordered Danae Group to file a draft mandatory takeover bid for Entreprendre shares it does not own, following its acquisition of a controlling block. Danae Group holds 85.38% of Entreprendre’s share capital and 75.68% of its voting rights, triggering a mandatory tender offer under Euronext Growth rules. The AMF's decision, based on Article L. 621-14 II of the Monetary and Financial Code, requires compliance by May 23, 2025.