French casino group Société Française de Casinos has informed its shareholders that Casigrangi plans to take control of SFC and has entered into exclusive memorandum of understanding and transfer protocols allowing it to acquire, at a price of €1.70 per share, 42.32 per cent of the share capital and voting rights of the company.
SFC operates four casinos located in Châtel-Guyon, Collioure, Gruissan, Port la Nouvelle.
The company said that these agreements are part of Casigrangi’s plan to acquire at least 50.1 per cent of the capital and voting rights of SFC, comprising in particular the entire stake held by Foch Invesissetments representing 18.50 per cent. of the share capital and voting rights of the company, and Verneuil Participations representing 19.52 per cent of the share capital and voting rights of SFC.
Casigrangi, a subsidiary of Groupe Philippe Ginestet, is the holding company of the group of casinos known under the brand Stelsia Casino which owns casinos operating in Granville, Megève and Mimizan.
With the support of its majority partner, Casigrangi aims to become an active player in the mid-size casino market, in particular by acquiring and integrating new casinos and their related activities into its scope of activity.
Groupe Philippe Ginestet, founded in 1981 by Philippe Ginestet employs more than 9,000 people and has 800 stores within its main subsidiaries including the Gifi group, the leading brand in France specialising in home equipment, as well as Trafic, Besson and around 20 companies in different fields of activity (retail, entertainment, digital).
In the event of these disposals, Casigrangi would take control of the company and file a draft simplified public tender offer in accordance with the regulations in force, at a price of €1.70 per share, covering all the shares. of the existing Company not owned by Casigrangi.
An independent expert will be appointed by the Board of Directors of the Company with the task of ruling on the fairness of the financial conditions of the public offer.