France AMF rules Le Clezio Industrie’s EUR 1.5-per-share bid for Electricite et Eaux de Madagascar non-compliant

• France’s market regulator ruled a proposed cash offer for Electricité et Eaux de Madagascar shares non-compliant on July 23.
• The bid, led by Le Clézio Industrie with Valéry Le Helloco concert parties, offered EUR 1.5 per share for 4,111,337 shares.
• The offer included potential earn-outs tied to litigation proceeds or value extraction from the Victoria Angkor Resort perimeter.
• Concerns centered on insufficient valuation disclosure for the group’s main asset and unclear funding and execution of the earn-out mechanisms.
• Valéry Le Helloco must file a new offer within three months on terms capable of receiving clearance.

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