According to French case law, the notification already sent by the beneficiary of a pre-emption right informing the seller of shares of the exercise of such right prevents the seller from withdrawing from the pre-emption process under pretext that the prospective purchaser has withdrawn from the sale.
Indeed, the notification, by the selling shareholder, of the contemplated sale (which triggers the exercise of a pre-emption right) constitutes, pursuant to French law, an offer for sale. Once such offer is accepted, which is the case when a notification to pre-empt is received by the seller, the sale is considered as legally completed. The seller may consequently no longer withdraw from the sale process.
The above is however valid only in cases where the pre-emption right was exercised at a price equal to that offered by the prospective purchaser and as notified by the selling shareholder.
