Groupe Bouygues: Groupe TF1 And Groupe M6 To Form French Media Group

Groupe TF1, Groupe M6, Groupe Bouygues and RTL Group said that they have signed agreements to enter into exclusive negotiations to merge the activities of Groupe TF1 and Groupe M6 and create a major French media group.

The transaction would be implemented based on an overall economic exchange ratio of 2.10 Groupe TF1 shares for each Groupe M6 share, after distribution of a special dividend of 1.50 euros per share for Groupe M6 shareholders and distribution of ordinary dividends of 1.00 euros per Groupe M6 share and 0.45 euros per Groupe TF1 share in 2022.

Groupe Bouygues would own about 30% of the merged entity, which it would have exclusive control over, as part of a shareholder agreement with RTL Group, second largest shareholder with about 16%. Free float would own approximately 54% of the new group of which about 29% for the existing float of Groupe M6 and about 25% for the existing float of Groupe TF1.

The Board of Directors of the merged group would consist of 12 members, including 4 directors designated by Groupe Bouygues, 2 directors designated by RTL Group, 3 independent directors, 2 directors representing the employees and 1 director representing the employee shareholders.

The transaction is aimed to close by the end of 2022.

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