Air Liquide announces the completion of the acquisition of 70.49% of LVL Médical Groupe’s share capital from the company’s controlling shareholders, who are acting in concert, including the Lavorel family, for a consideration of €30.89 per share.
LVL Médical’s German activities were acquired by the Lavorel Family prior to Air Liquide’s acquisition of LVL Médical’s shares. Air Liquide will file within the next few days, in accordance with applicable regulations, a simplified public tender offer (followed, possibly, by a compulsory squeeze-out) for the remaining LVL Médical shares, for €30.89 per share, and the remaining subscription warrants or BSAARs, for €13.20 per BSAAR.
The firm Bellot Mullenbach, acting as independent expert appointed by LVL Médical’s board of directors, issued a fairness opinion on August 30th 2012, regarding the terms and conditions of Air Liquide’s tender offer.
On August 31st 2012, LVL Médical’s board of directors confirmed its support for Air Liquide’s tender offer, considering that this offer was in the interest of the company, its shareholders and its employees, and recommended that the shareholders and warrant holders contribute their securities.
In addition, on August 27 2012, the French Competition Authority authorised the acquisition by Air Liquide of LVL Médical’s controlling interest.
LVL Médical is an historical player in the home healthcare sector in France, with 50,000 patients served throughout the country. The company employs 750 people in France and its 2011 sales in France totalled €104 million.