Michele Kang OL takeover? Independent committee lends weight to prospect | OneFootball

Eagle Football Group, formerly OL Groupe, has created a three-person independent committee to oversee a potential takeover and to avoid any conflict of interest for chief executive Michele Kang after Monday’s board meeting.

According to Le Progres, the move is viewed as lending weight to the prospect of a bid involving Ares Capital, Kang and her affiliate YMK.

The ad hoc panel comprises Gilbert Saada as chair, former tennis player Nathalie Dechy, and Victoria Wescott. Their mandate covers issuing a recommendation on any possible public offer affecting the company, its shareholders and employees.

The set-up aims to address potential conflicts of interest if Kang were to be involved in the transaction.

John Textor has been definitively removed from control of Eagle Bidco, the parent of the American’s multi-club project. Since 27 March, operations have been run by Cork Gully, appointed as administrator under English law.

In line with Autorité des marchés financiers rules, any serious bidder for the Eagle Football Group shares held by Bidco can access confidential information to prepare an offer. It would be possible for all Eagle Bidco creditors, including Kang, to submit a bid.

Whether OL will have a new owner by the Direction nationale du contrôle de gestion review in June remains an open question.

Source: Le Progres