French-Swiss entrepreneur Dan Mamane's takeover bid of Le Coq sportif accepted
In a significant turn of events, the Paris Commercial Court has chosen the offer led by Franco-Swiss entrepreneur Dan Mamane to take over sports equipment maker Le Coq Sportif. The decision, which was reviewed by the French Press Agency, marks a pivotal moment for the iconic French sportswear brand.
Le Coq Sportif, known for equipping the French delegation at the 2024 Paris Olympics, had 359 employees at the end of 2024, including 310 in France. The takeover bid for the brand, which was made public in May, was contested by a consortium including French billionaire Xavier Niel, judoka Teddy Riner, and others.
However, the consortium's bid was not selected. Instead, the court deemed Mamane's bid superior. It's important to note that there is no evidence from reputable sources that the Paris Commercial Court hindered the consortium's bid through procedural actions or bias. The decision was based on the merits of the competing offers as evaluated by the court.
The consortium, which includes Neopar, Iconix, Marc-Henri Beausire, and the Camuset family, had communicated their intention to inject a total of 60 million euros into the company. On the other hand, Mamane's takeover plan involved new investments of 70 million euros, with 201 jobs retained and between 89 and 94 job cuts.
The social restructuring of Mamane's takeover project would allow for the retention of 201 jobs, a significant number compared to the consortium's plan. However, the consortium did not specify how the 60 million euros would be distributed within the company, unlike Mamane's plan.
The legal firm August Debouzy, which supports the consortium's request, stated that the plan presented by the consortium was not given proper consideration. The consortium claimed that their takeover plan was hindered, weakened, and evicted from the examination process.
Dan Mamane, known for having bought and sold Conforama Switzerland, is now set to take over Le Coq Sportif. The future of the brand lies in his hands, and with his proposed investments, it seems poised for a revitalisation. As the details of the takeover unfold, the world of sports and fashion will be watching closely.
Dan Mamane, the entrepreneur behind the chosen takeover bid, plans to invest 70 million euros into Le Coq Sportif, a move that is expected to revitalize the iconic French sportswear brand. Meanwhile, the consortium, consisting of Neopar, Iconix, Marc-Henri Beausire, the Camuset family, and others, intended to inject 60 million euros into the company, but did not specify how the funds would be distributed.
