Boral Bidco to Execute Squeeze-out of Esker Shares After Successful Offer

Deal News | Feb 04, 2025 | Bridgepoint

Boral Bidco SAS has successfully acquired 92.93% of Esker's share capital through a reopened public tender offer, achieving a key milestone in its acquisition strategy. The terms of the offer, which priced Esker shares at €262 per share, drew in 947,693 shares, representing 15.57% of Esker's share capital. As announced, Boral Bidco will proceed with a squeeze-out procedure for the remaining Esker shares, leading to the delisting of the company from the Euronext Growth Paris market. This strategic move is backed by significant stakeholders, including Bridgepoint and General Atlantic, affirming their commitment to furthering Esker's innovation trajectory and market leadership. The settlement-delivery of the offer is scheduled for February 14, 2025, and Esker's trading has been suspended in anticipation of the squeeze-out. Esker's leadership, including President Jean-Michel Brard and COO Emmanuel Olivier, express enthusiasm about the future prospects for Esker as part of this transformational experience.

Sectors

Software and Technology
Private Equity
Financial Services - M&A

Geography

France – The transaction occurs in France, as indicated by the AMF notice and the delisting from Euronext Growth Paris.
Europe – Bridgepoint, a European private equity firm, and the European presence of Esker extend the geographic relevance to Europe.

Industry

Software and Technology – The article involves Esker, a company providing differentiated software solutions, highlighting its role in technology and software.
Private Equity – Bridgepoint's involvement as a private equity firm acquiring a majority stake in Esker through Boral Bidco highlights the relevance of the private equity industry.
Financial Services - M&A – The transaction involving a public tender offer and squeeze-out procedure signifies activity in the M&A sector.

Financials

262 – Price per share paid in the context of the squeeze-out, the same as the offer price.
947,693 – Number of Esker shares tendered in the reopened offer.
92.93% – Post-offer equity stake in Esker's share capital held by Boral Bidco.
92.68% – Post-offer voting control in Esker held by Boral Bidco.

Participants

Name	Role	Type	Description
Boral Bidco SAS	Bidding Company	Company	Bidding company executing the acquisition of Esker's shares.
Esker	Target Company	Company	Target of the acquisition; a company providing software solutions.
Bridgepoint	PE Firm	Company	Private equity firm supporting the acquisition through Boral Bidco.
General Atlantic	PE Firm	Company	PE firm collaborating with Bridgepoint to support Esker's future growth.
Jean-Michel Brard	President and Founder	Person	Leader expressing vision for Esker's future post-acquisition.
Emmanuel Olivier	Chief Operating Officer	Person	Executive emphasizing the significant step for Esker's development.
David Nicault	Partner and Head of Technology at Bridgepoint	Person	Bridgepoint executive expressing satisfaction with the acquisition.
Vincent-Gal Baudet	Partner and Head of Bridgepoint Europe in France	Person	Expresses confidence in Bridgepoint's ability to promote Esker's growth.
Gabriel Caillaux	Co-President and Head of General Atlantic's business in EMEA	Person	Praises Esker's software solutions and future potential for growth.