Has Pai takeover bid for GrandVision failed?

The Pai Partners takeover bid for GrandVision concluded on Friday evening. The operation's success depends on the acquisition of two-thirds of GrandVision's capital stock by Pai Partners, which launched a takeover bid in August.

Hal Holding, the Dutch group which initially held 5% of the capital stock in GrandVision, began raking in shares on the market last week and on Friday morning announced that it held 7.6 million shares, equal to about 33% of the total.

In addition, even though the management and the founders of GrandVision had agreed about the takeover bid, and in an open letter Daniel Abittan, President and cofounder, had strongly recommended agreeing to the offer, the small shareholders (whose capital within the company is estimated at around 4%) opposed the Pai offer as they considered the 21 euros per share to be an unfair price.