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Medica SA and Korian SA Announce Plans to Merge


Monday, 18 Nov 2013 01:00am EST 

Medica SA and Korian SA announced that they have signed a memorandum of understanding for a potential merger of equals, to create the new European industrial company. The transaction would take the form of a statutory merger (fusion-absorption) between Medica SA and Korian SA, whereby Medica SA would be merged into Korian SA. Medica SA's shareholders would receive 10 Korian SA's shares for every 11 Medica SA's shares they own. Terms of the memorandum of understanding have been unanimously approved by the Boards of Directors of both companies, which will inform and consult their employee representatives about the proposed project. The transaction would be subject to the approval of the Autorite de Concurrence (competition authority) in France. The merger would be submitted for approval to shareholders of both companies at Extraordinary General Meetings that would be held in the first quarter of 2014. Korian SA is advised by J.P. Morgan, BNP Paribas, CACIB and Bredin Prat, and Medica SA is advised by Credit Suisse and Cleary Gottlieb.