We didn’t spot it at the time, but it seems that in December, BOE of China completed the acquisition of a majority stake of 6.67 million shares in SES Imagotag, which specialises in Electronic Shelf Labels. The price was €30 per share and the acquisition was performed by BOE Smart Retail, a company owned 80% by BOE and 20% by a company controlled by SES Imagotag management. BOE Smart Retail will hold 54.4% of the company.
BOE’s intention is that SES Imagotag remains listed on the Euronext Regulated Market in Paris. It is not planning at this stage, it said, to implement a squeeze-out procedure following the tender offer. BOE Smart Retail also wants to maintain a high float level and significant share liquidity.
Analyst Comment
The SES Imagotag share price was around the €30 level before the deal and has remained there after the offer, although up from around €13 at the end of 2016. The share price had been between around €10 to €20 since early 2006, with the share price rising from the end of 2016 when, presumably, some suggestion of a takeover may have started. The companies announced the planned acquisiton last summer. (BR)
Price Chart for SESL from 02 02 2006 to 17 01 2018. Source:Euronext
