Musée Grévin : SORGEM Evaluation conducted, as an independent expert, the fairness opinion in relation to the compulsory buy-out of Musée Grévin shares
The Musée Grévin is a symbol of Paris, open since 1882 and listed since 1904. Compagnie des Alpes was the majority shareholder (96% of shares, 97% of voting rights).
On February 1st, 2022, Compagnie des Alpes, accompanied by Crédit Agricole Mutuel des Savoie, has filed a public offer for a compulsory buy-out of Musée Grévin shares. The offer, at 66€ per share, corresponded to a 25% implied premium compared to the last quoted price and a 30% implied premium compared to the last 3-month average quoted price at this date.
SORGEM Evaluation was appointed as the independent expert to provide a fairness opinion on the transaction. We have notably analysed historical and forecast data, on the company and its market. Our opinion relied, among others, on our analysis of the stock price and the results of our valuation work based on a method of discounted cash flows (DCF) and comparable companies multiples.
The buy-out date is set to April 12, 2022.