Gramond & Partners provided advice to the HTP Manager team within the framework of its Take Over Bid for Hitechpros...
Listed on Alterntext since November 2006, Hitechpros was the subject of a TOB from its managers’ holding, HTP Manager.
On December 21st, 2011, this specialist in intermediation on the IT services market saw HTP Manager’s holdings exceed the 50% threshold of voting rights, resulting in a de facto takeover bid for the remaining shares – i.e. 45.03% publicly held and 5.2% held by Française AM. This was accomplished three months later, by filing the offer for each of the 913,320 Hitechpros shares it did not hold, for a price of €7. i.e. a premium of 34.1% over the closing price on February 10th, 2012, the date on which the threshold overrun announcement was submitted.
“We were forced to do so because of the fact of the allocation of double voting shares that were sold to HTP Manager. Fortunately, the company has sufficiant strength to support this transaction, which, moreover, will have no strategic effect,” Ebrahim Sammour said, Hitechpros Deputy General Manager and chairman of the holding HTP Manager.
Founded in Montrouge, in 2001, Hitechpros provides a platform to enable web service companies, independent consultants, computer training centers, software publishers, and IT departments to exchange services. In 2011, it posted turnover of €14.5 million, with an operating profit of €1.34 million.
- Bid presenter: Portzamparc(Cyrille Gonthier, Hortense Vourc’h).
- Financial: Banque Martin Maurel (Bernard Maurel, Lucie Maurel-Aubert).
- Legal: Gramond & Partners (Macha-Pascale Sokolow).