Company Plots Takeover of Euro Disney

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A Swiss theme park operator said late Wednesday that it was going to make a hostile takeover bid for Euro Disney SCA, Europe’s largest theme-park operator.


Center-Tainment AG said in an e-mail statement that it will try to acquire 50.01 percent of Euro Disney’s stock through a share swap and gain control over the company’s theme parks. Burbank-based Walt Disney Co. is the largest holder with 40 percent and Saudi Prince Alwaleed Bin Talal is the second-biggest investor with a 10-percent stake.


The Swiss company said it will offer Euro Disney’s shareholders about 14.5 cents for each of their shares. Euro Disney shares were trading at 8 cents at the time of the announcement but went up to 12 cents in trading in Paris.


“There have been no discussions on the subject of a takeover,” Euro Disney spokesman Pieter Boterman said. In a statement on its Web site, Euro Disney said it had not been able to obtain “material information” about Center-Tainment.


Disney had no comment.


A spokesman for the Swiss company said it would provide more details on the bid Wednesday. Euro Disney, based in Marne-la-Valee, just east of Paris, operates two theme parks in the area, Euro Disney’s Disneyland, which opened in 1992, and Walt Disney Studios, which opened in 2002. The company also develops real estate.


Euro Disney has a long history of financial struggles. It posted a loss of $117 million for the latest fiscal year ending Sept. 30.


Shares in Disney were up 5 cents to $32.93 in early trading Thursday.

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