The Walt Disney Company launches takeover bid for Disneyland Paris

I've hit the button too, can't think of a reason to delay it.
 
Thanks to the help of fellow shareholders I have been able to compile a list of some of the Bank and Stock Broker deadlines issued to clients to sell their shares to TWDC under the Cash Tender Offer:

Alex (Netherlands) – 19 May

Argenta (Belgium) – 6 June

BinckBank (Netherlands) – 19 May

BNP Paribas (France) – Unknown

Cortal Consors (Germany) – 2 June

Degiro, (Netherlands) – 18 May

DNB Bank (Norway) – 23 May

Halifax (United Kingdom) – 29 May

IWeb Share Dealing (United Kingdom) – 29th May.

TD Direct Trading (United Kingdom) – Unknown

Selftrade, (United Kingdom) – 31 May.

Societe Generale (France) – Unknown

Volksbank (Germany) – Unknown
 
French hedge fund Charity Investment Asset Management has launched yet another an appeal to the French Supreme Court. This time they are trying to block the possible takeover by TWDC. They are appealing against the decision made by the AMF to approve the Cash Tender Offer made by TWDC to purchase Euro Disney shares for €2.00 per share.

French valuer Thierry Bergeras Expertises on behalf of CIAM has valued Euro Disney at €3.70 per share after including the value of the undeveloped land owned by Euro Disney and the Villages Nature resort in the tender price valuation. CIAM claim the value of this land and new resort was not included in the valuation of the company by TWDC under the Cash Tender Offer.

French hedge fund CIAM also wants €930 million paid to The Walt Disney Company in licensing and management fees returned to Euro Disney.
 


I'm selling all but one share, so if the Cash Tender Offer fails or the takeover is not allowed by the AMF I will still hold a very small stake in Euro Disney.
 


I am holding on to my 20 shares, haven't been a member of the Shareholders Club for a while but still like having my little piece of Disney. My original shares cost about £100 but we saved more than this with the discount of meals and goodies in 2 trips to DLP and buying 4 annual passes on our last visit. Saloon Mickey probably saved us quite a bit on coffee and cakes to. Just hope I can keep the shares and they rise in value.... I can dream
 
Euro Disney shareholders have been sent a letter today from Catherine Powell asking them to "consider carefully the buyout Offer by TWDC".

It's literally a begging letter, trying to persuaded shareholders to sell their stock under the Centralised Procedure for €2 a share to TWDC.

I think they are worried that not enough of the small shareholders are not going to sell after CIAM launched legal action last week trying to stop the takeover after their own valuation indicated shareholders should be offered €3.70 per share.

IMG_4511.JPG
 
Last edited:
Isn't this the same letter that was issued on 11th May? https://eurodisney-opa.com/en/#important-documents

It might be, I've not seen that letter.

This is the letter translated into English.

EURO DISNEY S.C.A.

May 11th 2017

Dear Shareholder,

As you know, the consequences of the sad events of the last two years in France and a difficult situation for the tourism industry have placed Disneyland® Paris in an uncertain financial position.

To support us, The Walt Disney Company announced in February that it would support a recapitalization of up to 1.5 billion euros. We welcome this proposal, which will provide the necessary funds to enable the Euro Disney Group to continue the necessary investments to be made on the site.

This recapitalization is essential for the Euro Disney group. However, realizing this recapitalization through a simple capital increase would have forced you either to pay your share (pro rata) of the capital contribution of 1.5 billion euros, or to see your participation considerably diluted.

Understanding that the shareholders of Euro Disney S.C.A. may not want to choose between contributing to the recapitalization or seeing their participation considerably diluted. The Walt Disney Company, by some of its subsidiaries, offers shareholders another option by proposing to purchase your Euro Disney S.C.A. shares until June 8, 2017 at a price of 2 euros per share. This price represents a premium of 67% compared to the share price at the close of the market on the day preceding the announcement of the offer in February 2017 and is equivalent to the price recently paid to Kingdom Holding in respect of The sale of 90% of its stake in Euro Disney SCA. An independent financial expert appointed by the Supervisory Board of Euro Disney SCA in order to evaluate the offer concluded, on the basis of the various valuation criteria used, that the price of 2 euros per share is fair. A full copy of the report of the independent expert is available on the websites http://corporate.disneylandparis.fr and https://eurodisney-opa.com; You are invited to read it carefully to understand the valuation criteria and sensitivity analyzes used by the independent expert. On the basis of the independent expert’s assessment, the independent members of the Supervisory Board unanimously considered the offer to be in the interest of Euro Disney SCA, its employees and Shareholders and recommended that shareholders tender their shares into the offer.

I think you should consider this offer carefully. Further details can be found in the offering memorandum, Euro Disney’s reply note and the other documents published in connection with the offer, all of which are available on the websites http: // Corporate.disneylandparis.fr and https://eurodisney-opa.com. In addition, a telephone line (no.: 00 800 64 74 56 30) has been set up to answer any questions you may have about the offer. Finally, I draw your attention to the fact that, as described in the above-mentioned information circular and note in reply, if you decide to tender your shares and wish to receive repayment, Your brokerage fees and, if applicable, the payment of a price supplement in accordance with the terms and conditions set out in these notes, you will be required to tender your securities to the Semi-centralized procedure.

We are grateful for your support and passion for Disneyland Paris, and look forward to seeing you soon in the year of our 25th anniversary.

Sincerely yours,

Catherine Powell

President of Euro Disney S.A.S
 
I don't think I am selling mine, I don't think I trust TWDC, to keep their word about giving us a 10 year card, I think they will keep it for a short while and then change their minds.

I could be barking up the wrong tree, but I just don't trust organisations to keep their word, just look at some of the things going on within the government and also my local football team lol.
 
I don't think I am selling mine, I don't think I trust TWDC, to keep their word about giving us a 10 year card, I think they will keep it for a short while and then change their minds.

If the buyout fails, they can easily close the Salon Mickey anyway. Or they might close it for people who kept the shares and keep it just for people who sold all theirs.
It's a perk that EuroDisney SCA can remove at any moment, for whoever they want.
 
Here is an updated list of stock broker and bank deadlines for the Simplified Cash Tender Offer.
Some banks have extended their deadlines.

Alex (Netherlands) – 9 June
Argenta (Belgium) – 6 June
Bank of Scotland (United Kingdom) 29 May
Binck Bank (Netherlands) – 8 June
BNP Paribas (France) – Unknown
Cortal Consors (Germany) – 2 June
Degiro, (Netherlands) – 18 May
DNB Bank (Norway) – 23 May
Fidelity Investments (USA) – 2 June
Halifax (United Kingdom) – 29 May
Hargreaves Lansdown (United Kingdom) – 6 June
IWeb Share Dealing (United Kingdom) – 29th May
TD Direct Trading (United Kingdom) – Unknown
Selftrade, (United Kingdom) – 31 May.
Societe Generale (France) – 8 June
Volksbank (Germany) – Unknown

As of today (24 May) TWDC has increased their ownership of Disneyland Paris to 86.83%
They need to reach an ownership level of 95% before they can apply to the French financial markets regulator L’Autorité des marchés financiers for a mandatory take-over of Euro Disney.
 
OK I caved ..... I really didn't have any intention of selling, I was going to wait until forced out ..... but DD and I had a long chat yesterday and however much she didn't want to sell her shares (her 18th birthday present) she really could do with the money for her wedding next year ..... so in the spirit of solidarity I am going to sell mine too. Surprisingly, it doesn't actually feel as bad as I thought it would ..... ;)
 
‪55,601 Euro Disney SCA shares were traded today.

They closed on the Euronext Paris at €2.00 after reaching a high of €2.010 at 11:00 and again between 15:00-16:00. ‬

So someone out there is buying shares for more than what TWDC is offering.
 
Last edited:
Okay I have been watching this thread with interest whilst I decide what to do!!

Currently it looks like the share price is more than what TWDC are offering, so is it in one's best interest to hold out, or just sell them? Any thoughts as I've got till 29th May to decided with Halifax!

I'm afraid that I have no share dealing wisdom what so ever!!
My shares were never bought as an investment, just for me to think I owned a teeny weeny bit of Disney, and access to Salon Mickey!
 

GET A DISNEY VACATION QUOTE

Dreams Unlimited Travel is committed to providing you with the very best vacation planning experience possible. Our Vacation Planners are experts and will share their honest advice to help you have a magical vacation.

Let us help you with your next Disney Vacation!





Top