No Bid to Come for Euro Disney

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Center-Tainment AG, the Swiss company that sought a hostile takeover of Euro Disney SCA, missed a deadline to register the offer with France’s stock market regulator, losing the opportunity to pursue Disney for six months, the French government said Wednesday.


Center-Tainment, a Swiss theme park operator and entertainment company, did not make the necessary bid by the Dec. 4 deadline set by Autorite des Marches Financiers, a Paris-based regulatory body.


The Swiss company said last week that it planned to offer Euro Disney’s shareholders 14.5 cents per share for the theme park operator for a 50.01 percent stake in the company. Euro Disney shares were trading at 8 cents at the time of the announcement and hit as high as 12 cents in trading in Paris.


However, many were skeptical of the bid, since the company was relatively obscure and little details were given about it. The proposal also has backfired on Center-Tainment, with shares of the Swiss company losing 99 percent of their value since it announced its intentions.


Euro Disney is controlled by Burbank-based Walt Disney Co., which owns about 40 percent of the stock.

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