VINCI Energies launches €67.50-a-share bid for All for One

French VINCI subsidiary VINCI Energies announced a voluntary public cash tender offer on 16 July 2026 for German SAP services provider All for One Group at €67.50 per share — a premium of about 105% on the volume-weighted average price. Shareholders holding 54.7% of shares have already committed to tender; closing is expected in Q4 2026. Update (12 Aug 2026): BaFin permitted publication of the offer document on 11 August 2026; the acceptance period runs from 12 August to 15 September 2026, 24:00 Frankfurt time. The offer is subject to a minimum acceptance threshold of 75% plus one share as well as customary closing conditions including the required merger clearances. All for One's management and supervisory boards support the offer. The bidder is VINCI Energies Deutschland Enterprise Solutions AcquiCo SE. Update (10 September 2026): As of 9 September 2026 VINCI Energies had secured about 83.56% of the All for One shares, exceeding the minimum acceptance threshold of 75% plus one share before the end of the acceptance period (15 September 2026); shareholders can still tender at €67.50 until the end of the additional acceptance period on 2 October 2026 (Spruchverfahren direkt, 10 September 2026). Update (18.09.2026): After the first acceptance period, VINCI Energies holds 86.74% of All for One's shares; the additional acceptance period ends on 02.10.2026 (VINCI Energies, 18.09.2026). Update (22.09.2026): The last condition of the offer was met on 17.09.2026, so the takeover offer will be completed; the final result after the additional acceptance period was still pending (goldesel.de, 22.09.2026). Update (15 Oct 2026): All for One signs a delisting agreement with VINCI Energies and supports the public delisting tender offer at €67.50 per share; VINCI holds about 87.33% of the shares after the takeover, and completion of the delisting offer is expected in December 2026 (EQS ad hoc, 15 Oct 2026). Update (14 October 2026): VINCI Energies has completed the acquisition and holds 87.33% of the shares after settlement of the offer; All for One has about 3,000 employees and generated revenue of about €500m in 2025 (VINCI Energies, 14 October 2026).