Eurotunnel shareholders tender 87.29% of share capital under initial exchange offer phase

By Caroline Salls

Pittsburgh, June 1 - Eurotunnel SA and Eurotunnel plc received tenders for 2.223 billion out of a total of 2.546 billion shares under the initial phase of its exchange offer, according to a company news release.

According to the release, this means 87.29% of the share capital in circulation has been tendered to the offer.

Specifically, a total of 1.997 billion of the units were tendered in France, representing 78.41% of the capital; 201.45 million units were tendered in the United Kingdom, representing 7.91% of the capital; and 24.65 million of the units were tendered in Belgium, representing 0.97% of the capital.

Shareholders who have not yet tendered their shares can do so in the second acceptance period, which runs from June 1 to June 14.

As previously reported, these shareholders will receive one Groupe Eurotunnel SA ordinary share and one warrant to subscribe for Groupe Eurotunnel ordinary shares for each Eurotunnel SA/Eurotunnel plc share tendered.

However, Eurotunnel said shareholders can no longer subscribe for notes redeemable in shares that were only available for subscription to shareholders tendering their shares during the initial offer period.

Eurotunnel is the Paris-based operator of the Channel Tunnel.

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