Vivendi Se · EURONEXT:VIV
Vivendi — Merger or Acquisition (July 2013)
10 slides from Vivendi's merger presentation, Jul 26, 2013
Slide 1: Monetization of Interest in Activision Blizzard
V I V E N D I – J u l y 2 0 1 3 July 26, 2013 PHILIPPE CAPRON Member of the Management Board Chief Financial Officer Monetization of Interest in Activision Blizzard IMPORTANT NOTICE: Investors are strongly urged to read the important disclaimers at the end of this presentation
Slide 2: Comprehensive value realization plan for Vivendi's stake in Activision Blizzard
V I V E N D I – J u l y 2 0 1 3 Comprehensive value realization plan for Vivendi’s stake in Activision Blizzard Vivendi to monetize immediately over 85% of its interest in Activision Blizzard — $8.17 billion in cash proceeds for Vivendi — Significant return on Vivendi’s investment in interactive g
Slide 3: Monetization of majority of Vivendi's investment in Activision Blizzard
V I V E N D I – J u l y 2 0 1 3 Monetization of majority of Vivendi’s investment in Activision Blizzard CURRENT SITUATION PRO FORMA POST TRANSACTION Free Float Free Float ASAC II LP (1) 61.1% 38.9% 63.1% 24.9% 12.0% 1,119 million 690 million basic basic shares shares outstanding outstanding post rep
Slide 4: Transaction crystallizes Vivendi's value creation in games business
V I V E N D I – J u l y 2 0 1 3 Transaction crystallizes Vivendi’s value creation in games business Significant value created and now realized for Vivendi’s shareholders ~$2.60 billion invested historically in the video games business ~$0.90 billion in cumulative proceeds since 2009 received thr
Slide 5: Transaction completed at a premium to historical averages, tax-efficiently
V I V E N D I – J u l y 2 0 1 3 Transaction completed at a premium to historical averages, tax-efficiently $13.60 transaction price crystallizes a premium of: 12.8% 14.6% 16.0% 22.0% 23.0% 07-Feb-2013 2012 2011 2010 2009 vs. “Undisturbed” VWAP VWAP VWAP VWAP (Share Price in $) 16,00 Current: 15,00 T
Slide 6: Next steps
V I V E N D I – J u l y 2 0 1 3 Next steps Closing expected by the end of September 2013 — Transaction unanimously approved by the Vivendi Supervisory Board and the Activision Blizzard Board of Directors, as well as Activision Blizzard’s Special Committee of independent directors — Committed debt
Slide 7: Appendix
V I V E N D I – J u l y 2 0 1 3 Appendix
Slide 8: Key terms of the agreements
V I V E N D I – J u l y 2 0 1 3 Key terms of the agreements Through the acquisition of a Vivendi subsidiary, Activision Blizzard will effectively repurchase 429 million shares for cash consideration of $5.83 billion at $13.60 per share Concurrently, Vivendi will sell to ASAC II LP* 172 million A
Slide 9: Important legal disclaimers
V I V E N D I – J u l y 2 0 1 3 Important legal disclaimers Forward Looking Statements. This presentation contains forward-looking statements with respect to the transactions described herein and with respect to Vivendi`s financial condition, results of operations, business, strategy and plans. Alth
Slide 10: Investor Relations team
V I V E N D I – J u l y 2 0 1 3 Investor Relations team Jean-Michel Bonamy Deputy CFO +33.1.71.71.12.04 jean-michel.bonamy@vivendi.com PARIS NEW YORK 42, avenue de Friedland 800 Third Avenue 75380 Paris cedex 08 / France New York, NY 10022 / USA Phone: +33.1.71.71.32.80 Phone: +1.212.572.1334 Fax: +