LeGuide.com, an online shopping guide on the European market, on Friday rejected the sweetened contractual buyout offer made by French media group Lagardere SCA (LGDDF.PK) on June 6.
Further, LeGuide.com has undertaken unanimously to carry out a contractual share buyback offer on 10 percent of the company's shares in view of their cancellation, following the shareholders' meeting on June 22.
LeGuide.com said the terms of the contractual share buyback offer would be determined by the Board of Directors after the shareholders' meeting, taking into account the opinion of an independent appraiser.
On the basis of the valuation performed by Bryan Garnier & Co, the Board of Directors is confident that the offer price will exceed 30 euros per share.
On May 7, Lagardère, on behalf of its division Lagardère Active, said it was launching a 24 euros per share offer to purchase the shares of LeGuide.com. This offer represented a premium of 20.5 percent on LeGuide.com's closing stock price on May 4, the last trading day prior to the announcement.
Later, on June 6, Lagardere increased the offer to 28 euros per share, and said this "ultimate offer" is open during five trading days from June 6 to June 12. It takes into account the additional information published by LeGuide.com after the announcement of the Lagardère group's offer, the company had said.
Lagardere also said at that time that the current offer completely reflects the company's fair value and its growth prospects and margins together with the potential development of its audience.
Lagardere is marginally up in Paris at 19.56 euros.
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