On 15 October 2013, the respective boards of directors of Icade and its 93.26% owned subsidiary, Silic, approved the terms and conditions of the merger of Silic into Icade. This merger is consistent with the group’s strategy consisting in simplifying its structure and holding of its real estate assets and optimizing the group’s operating costs, in particular by rationalizing the costs linked to Silic’s status as a listed company. Further to the highly successful tender offer for Silic, this merger is the last step of the combination project between Icade and Silic which was launched on 13 December 2011.
Similarly to the tender offer, the exchange ratio will be five (5) Icade shares to four (4) Silic shares. In accordance with applicable regulations, there shall be no exchange of Silic shares held by Icade or exchange of treasury shares held by Silic which will be automatically cancelled on the completion date of the merger.
Given the number of new Icade shares to be issued, which represents less than 10% of its share capital, Icade will publish later a press release providing the terms and conditions of the merger, in accordance with the provisions of article 12 of the AMF No 2005-11 instruction, as amended.