Invest Securities downgrades its opinion on ESI Group from 'buy' to 'neutral', before advising whether or not to accept the offer, and raises its target price from €120 to €155, the price proposed by Keysight.

"One month after confirming discussions with a view to a takeover, ESI has announced an offer from Keysight at a price substantially higher than current prices and consistent with our estimate of the transaction valuation", the analyst points out.

However, while the success of the takeover bid is not in doubt, given the support of shareholders representing 50.6% of the capital, a squeeze-out is not certain and will depend on the position of the founder, Alain de Rouvray', he warns.

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