Walt Disney Co. has announced plans to delist its Euro Disney theme park from the Paris stock exchange and acquire all its shares.
The Burbank media and entertainment giant just completed a tender offer for shares in Euro Disney SCA, which owns Disneyland Park outside Paris. As a result of the offer, Disney raised its holdings to 97 percent of outstanding shares.
Now Disney plans to “implement a mandatory buyout and delisting” that will enable it to acquire the remaining 3 percent of the shares at the same price as the tender offer.
The Burbank parent company has stepped in to refinance Euro Disney several times, including in 2012 and again in 2014.
Disney (DIS) announced the delisting plan Tuesday. Shares closed Wednesday down 42 cents, or a fraction of a percent, to $106.14 on the New York Stock Exchange.