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Chateauvieux’s Jaccar in Bourbon takeover bid

Chateauvieux’s Jaccar in Bourbon takeover bid
Jaccar Holdings has launched a takeover bid for Bourbon at 24% over the last closing price for shares.

The offer of EUR24 per share values the French offshore company at around EUR1.7bn and is subject to approval from relevant authorities, securing 50.1% of the outstanding share capital and bank financing.

Jaccar, the private investment company of Jacques de Chateauvieux, chairman of Bourbon, already owns 26.2% of the company. Jaccar revealed it plans to keep Bourbon listed on NYSE Euronext in Paris, with no intention to follow the offer with a squeeze out.

The offer comes on the tail of Bourbon's 2013 results, which included a 169% jump in profit to $205m.

Bourbon's board will review the terms of the offer on 21 March.