FRANCE Law and Practice Contributed by: Karl Hepp de Sevelinges, Nicolas Martin, Cyril Deniaud and Benjamin Cohu, Jeantet
This type of restructuring follows a broader global trend where activists urge conglomerates to spin off divisions that they believe would be more valuable as independent companies. 11.3 Interference With Completion In France, shareholder activists occasion - ally attempt to interfere with the completion of announced M&A transactions, though such interference remains relatively rare compared to markets like the US. When it does happen, it typically takes the form of public campaigns or legal actions aimed at influencing deal terms or blocking transactions perceived as undervaluing the target company.
Activists may challenge the fairness of the offer price, argue against strategic misalignment, or push for alternative bids. They can also urge boards to renegotiate terms or improve govern - ance commitments post-transaction. In some high-profile cases, institutional investors have sided with activists to demand better financial or ESG considerations before supporting a deal.
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