Peugeot Frères Industrie is seeking to take-control of Tivoly S.A. (ENXTPA:ALTIV) and has started exclusive talks with the Tivoly family, a statement showed February 3, 2022. The proposed transaction values Tivoly SA at EUR 41.5 per share, which may be adjusted upwards or downwards depending on net debt and working capital, provided that the final price may not be less than EUR 37.7 per share. Shares in Tivoly SA closed at EUR 20.40 in Paris on February 3, 2022.

The targeted transaction envisages the purchase of a majority stake in Holding Tivoly SA, the majority shareholder of Tivoly SA, and the direct acquisition of shares in the industrial group from certain members of the Tivoly family. Holding Tivoly owns 70.15% of Tivoly SA's share capital and 77.78% of its voting rights. Peugeot Freres Industrie is seeking to acquire 78.08% of Holding Tivoly and 3.26% of Tivoly SA.

If the deal is completed, the suitor intends to launch a simplified tender offer for the remaining shares of Tivoly SA.