As an integrated Group operating in all event professions, GL events works in three major segments:
event organisation, event venue management and services for fairs, congresses and events.
© Odile Decq architect / Felice Varini – Altitude 150
On January 13th, 2000, the Council of Financial Markets has pronounced admissible Unibail 's new higher bid announced on the 4th of January 2000 and offering 117 Euros per Paris Expo share. Furthermore, Générale Location took note the recommendation of the Paris Expo Board of Directors published the 10th of January 2000 in response to the takeover bid on Paris Expo lodged by Générale Location on the 13TH OF December 1999 (information report of the 29th of December 1999 carrying the stamp of the Commission of the Stock Exchange Operations n° 99-1594 dated the 23rd of December 1999).
With this in mind, Générale Location considers that it is not in the interest of all the actors in the profession (more specifically show organizers, renters of halls and service providers) to make a higher bid and propose a price superior to the one offered by Unibail. Though solidly based on its assets and benefiting from the full trust of its financial partners, Générale Location rules out the possibility to bid higher, decides to drop its takeover bid, and to bring over the 23.5 % of the capital of Paris Expo it holds to the offer made by Unibail. In pursuance of the clause 5.2.9 of the general regulation of the Council of the Financial Markets, Générale Location will go to the Council of Financial Markets, so that it certifies the withdrawal of its offer as soon as the calendar imposed on Unibail' s offer is published.
At the end of this operation, Générale Location will have at its disposal an equity capital estimated above 400 million French Francs (taken into account a capital gain before tax of about 160 million French Francs) and will reduce to nil its net indebtedness. This will allow Générale Location to increase its internal growth and to pursue and intensify its development projects. Générale Location acknowledges Unibail' s will to actively cooperate at all its different exhibition centers and venues for special events, including Paris Expo, at the end of the current takeover bid, the turn-out of which is easily predictable.
Générale Location wishes to thank all those who trusted it and shared its views on strategy and first of all its shareholders as well as the Chamber of Commerce and Industry of Paris and the Committee of Exhibitions of Paris. It wishes Paris Expo to go on in the reinforcement of its development.
On the 2nd of February, Générale Location will communicate its net sales for the 4th quarter of 1999.
Within the process of takeover bids and counter-bids lodged by Unibail and Générale Location on the shares of Paris Expo and in view of the last higher bid deposited by Unibail on the 4th of January 2000 at the price of 117 Euros per Paris Expo share, Unibail and Générale Location have reach a rapprochement.
At the end of the discussions, it appeared that a prolonged stock exchange battle would harm Paris Expo, show organizers, exhibitors and services providers. Consequently, Générale Location took the decision to withdraw its offer and to bring over the Paris Expo shares which it holds to the higher bid lodged by Unibail.
Unibail pays tribute to Générale Location 's sense of responsibilities and to its management. Acknowledging Générale Location' s competence and know-how in its profession, Unibail commits itself to pursue and to deepen business and technical relationships with the group Générale Location, on the site of Paris Expo itself as well as on other sites in the Paris area managed by Unibail.
Furthermore, Unibail will welcome with interest proposals which Générale Location could make concerning the development of new events based on what the group Générale Location had already put forward within the framework of its initial project about Paris Expo. To this end, a work group will be created, at the end of the takeover bid, between Unibail and Générale Location in order to research ways to implement these proposals.
In this context, Unibail is thus convinced that with all the world partners of shows, congresses and exhibitions, it will be able in the best possible conditions to bring this great industrial project established along with Paris Expo to a successful conclusion, and enhance the international radiance of the City of Paris.
GL events, bringing people together
Managing Director Corporate Finances and Administration : Erick ROSTAGNAT
Telephone : + 33 4 72 31 54 20
Fax : + 33 4 26 20 42 00
Email : email@example.com
Code ISIN : FR0000066672
Code Bloomberg : GLO FP
Code Reuter : GLTN.PA
Code FTSE : 581