ANNEXE 2 - L'INTRODUCTION BOURSIÈRE DE LYCOS EUROPE NV EN MARS 2000
En mars 2000, LYCOS Europe, un portail internet, a été introduit à la bourse. L'offre public d'achat (OPA) à été fortement souscrite par des zinzins européens, ce qu'a attiré aussi la demande des particuliers. La demande élevée poussait le prix de l'émission vers le haut de l'interval choisi par les vendeurs (24 euros), dû à une sur-souscription de facteur 30 100 ( * ) . A l'heure de rédaction, l'action est valorisé à 0.45 euro. Elle a perdu 98% de son valeur initial.
Graphique 38 - L'évolution du titre Lycos Europe depuis son OPA
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LYCOS EUROPE N.V. INITIAL PUBLIC OFFERING OFFER PRICE FIXED AT EURO 24 Lycos Europe N.V. today announced the successful completion of its Initial Public Offering, the details of which are as follows: The Offer Price of the shares is Euro 24, representing the top of the bookbuilding price range of Euro 19 to Euro 24. The Offer was more than 30 times subscribed. Strong demand from European institutional investors and German retail investors . The Offering comprises 28 million newly issued shares, representing approximately 12.3% free float, and is valued at approximately Euro 672 million. Additionally, the Company has granted the underwriters an over-allotment option of up to a further 4.2 million newly issued shares valued at Euro 101 million. Assuming full exercise of the over-allotment option, the Offering will be valued at Euro 773 million, and will result in a free float of 13.9%. Listing and trading to start on the Neuer Markt at the Frankfurt Stock Exchange on Wednesday, 22 March. SIZE AND STRUCTURE OF THE OFFER The IPO of Lycos Europe N.V. represented approximately 12.3% of the Company's share capital and was comprised of 28 million newly issued shares, not including the over-allotment option of up to 4.2 million newly issued shares. The indicative price range was set at between Euro 19 and Euro 24 on Monday, 13 March. The final price of the shares was determined to be Euro 24 following the bookbuilding process. The Offering raised Euro 672 million. Assuming full exercise of the over-allotment option total proceeds will amount to Euro 773 million. All shares were offered through a capital increase, and existing shareholders did not sell any shares in the offering. "The unconditional support of Bertelsmann, Gruner + Jahr and Lycos, Inc. remains an important factor in the continuing development of our Company", said Christoph Mohn, referring to the shareholder structure after the Offer. The Offer was extremely well received by investors and was heavily oversubscribed. The main sources of demand were European institutional investors and German retail investors. In proportion to the number of shares they subscribed for, German retail investors received an over-proportionally large allocation of the shares available in the IPO. COMMENT Christoph Mohn, CEO of Lycos Europe N.V., said today: "I am extremely enthusiastic about the confident reception by investors to the IPO of Lycos Europe N.V. The interest that they expressed during the roadshow presentations gave us an indication that our IPO would be well received. We believe that the demand for our shares indicates that investors are convinced by our strategy of being a pan-European internet portal with strong brands. We are now looking forward to the first day of trading and to a long and successful relationship with our new shareholders." STRATEGY FOR GROWTH The Company intends to use the proceeds from the offering to support its expansion strategy, including the improvement of existing services, the introduction of new services, an increase in marketing activities and potential acquisitions and joint ventures. The Company aims to increase and retain traffic by expanding the reach of the network, as demonstrated by the multi-brand strategy pursued by the Company. The Company covers navigation and content, community and Internet access through the Lycos, Fireball, Tripod and Comundo brands. The Company also aims to increase the frequency and duration of user visits through the development of existing and the addition of new brands (HotBot and Sonique for navigation and content, and Angelfire for community). New services, cross-promotion within the network, and the use of new platforms such as WAP (Wireless Application Protocol), are further elements of the growth strategy. The Company also aims to increase the frequency and duration of user visits by continually improving content and functionality. OWNERSHIP STRUCTURE Prior to the offering, Lycos, Inc. held 50.0% of the share capital of the Company, Bertelsmann AG and Gruner + Jahr AG & Co. held 31.1% of the share capital, and the remaining 18.9% was held by Christoph Mohn, Chief Executive Officer of Lycos Europe N.V., partly through indirect ownership. After the offering and before the exercise of the over-allotment option, Lycos, Inc. own 43.9% of the Company, Bertelsmann AG and Gruner + Jahr AG & Co. own 27.3% of the Company, Christoph Mohn own 16.5% of the Company (partly through indirect ownership), and the remaining 12.3% is free float. After the offering and after the exercise of the over-allotment option, Lycos, Inc. will own 43.1% of the Company, Bertelsmann AG and Gruner + Jahr AG & Co. will own 26.8% of the Company, Christoph Mohn will own 16.2% of the Company (partly through indirect ownership), and the remaining 13.9% will be free float. Lycos Europe N.V. appointed Deutsche Bank and Goldman Sachs to act as Joint Global Co-Ordinators and bookrunners for the offering. In addition, the underwriting syndicate comprised Commerzbank, JP Morgan and Chase H&Q. Source : http://www.lycos.de/service/cce/investor_relations/fnachrichten/newsitem_16.html |
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* 100 C'est à dire trente fois plus de demande pour les actions que le nombre offert.