Filing Details
- Accession Number:
- 0001213900-24-034116
- Form Type:
- 13D Filing
- Publication Date:
- 2024-04-17 20:00:00
- Filed By:
- Petrus Advisers Ltd.
- Company:
- Criteo S.a.
- Filing Date:
- 2024-04-18
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Petrus Advisers Ltd | 2,934,048 | 0 | 3,411,150 | 3,411,150 | 6.08% | |
| Klaus Umek | 2,934,048 | 86,710 | 3,411,150 | 3,497,860 | 6.23% | |
| Till Hufnagel | 2,934,048 | 185,561 | 3,411,150 | 3,596,711 | 6.41% |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
| Criteo S.A. | ||
| (Name of Issuer) | ||
American Depositary Shares, each representing one Ordinary Share, nominal value €0.025 per share | ||
| (Title of Class of Securities) | ||
| 226718104 | ||
| (CUSIP Number) | ||
Connie Neumann Office and compliance manager Petrus Advisers Ltd Eighth Floor, 6 New Street Square, New Fetter Lane London EC4A 3AQ, United Kingdom +44 20 7933 8831 | ||
| (Name, Address and Telephone Number of Person Authorized to | ||
| Receive Notices and Communications) | ||
| April 16, 2024 | ||
| (Date of Event which Requires Filing of this Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☒
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| CUSIP No. 226718104 | 13D | Page 2 of 10 pages |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Petrus Advisers Ltd. | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (see instructions) | (a) | ☐ | |
| (b) | ☐ | ||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS* (see instructions) | ||
| OO | |||
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED | ||
| PURSUANT TO ITEMS 2(d) OR 2(e) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||
| United Kingdom | |||
| 7 | SOLE VOTING POWER | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 0 | |
| 8 | SHARED VOTING POWER | |
| 2,934,048 | ||
| 9 | SOLE DISPOSITIVE POWER | |
| 0 | ||
| 10 | SHARED DISPOSITIVE POWER | |
| 3,411,150 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||
| 3,411,150 | |||
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | ||
| (see instructions) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||
| 6.08%1 | |||
| 14 | TYPE OF REPORTING PERSON* (see instructions) | ||
| FI | |||
| 1 | Based on 56,142,643 Shares (as defined herein) outstanding as of March 31, 2024, as disclosed in the Issuer’s proxy statement on Schedule 14A filed on April 16, 2024. |
| CUSIP No. 226718104 | 13D | Page 3 of 10 pages |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Klaus Umek | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (see instructions) | (a) | ☐ | |
| (b) | ☐ | ||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS* (see instructions) | ||
| OO, PF | |||
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED | ||
| PURSUANT TO ITEMS 2(d) OR 2(e) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||
| Austrian | |||
| 7 | SOLE VOTING POWER | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 86,710 | |
| 8 | SHARED VOTING POWER | |
| 2,934,048 | ||
| 9 | SOLE DISPOSITIVE POWER | |
| 86,710 | ||
| 10 | SHARED DISPOSITIVE POWER | |
| 3,411,150 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||
| 3,497,860 | |||
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | ||
| (see instructions) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||
| 6.23%2 | |||
| 14 | TYPE OF REPORTING PERSON* (see instructions) | ||
| IN, HC | |||
| 2 | Based on 56,142,643 Shares outstanding as of March 31, 2024, as disclosed in the Issuer’s proxy statement on Schedule 14A filed on April 16, 2024. |
| CUSIP No. 226718104 | 13D | Page 4 of 10 pages |
| 1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
| Till Hufnagel | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* | ||
| (see instructions) | (a) | ☐ | |
| (b) | ☐ | ||
| 3 | SEC USE ONLY | ||
| 4 | SOURCE OF FUNDS* (see instructions) | ||
| OO, PF | |||
| 5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED | ||
| PURSUANT TO ITEMS 2(d) OR 2(e) | ☐ | ||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||
| German | |||
| 7 | SOLE VOTING POWER | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | 185,561 | |
| 8 | SHARED VOTING POWER | |
| 2,934,048 | ||
| 9 | SOLE DISPOSITIVE POWER | |
| 185,561 | ||
| 10 | SHARED DISPOSITIVE POWER | |
| 3,411,150 | ||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||
| 3,596,711 | |||
| 12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* | ||
| (see instructions) | ☐ | ||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||
| 6.41%3 | |||
| 14 | TYPE OF REPORTING PERSON* (see instructions) | ||
| IN, HC | |||
| 3 | Based on 56,142,643 Shares outstanding as of March 31, 2024, as disclosed in the Issuer’s proxy statement on Schedule 14A filed on April 16, 2024. |
| CUSIP No. 226718104 | 13D | Page 5 of 10 pages |
EXPLANATORY NOTE
Pursuant to Rule 13d-2 under the Act, this Amendment No. 1 to the Schedule 13D (“Amendment No. 1”) amends certain items of the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission on February 27, 2024 (the “Original Schedule 13D” and, together with this Amendment No. 1, the “Schedule 13D”), relating to the American Depository Shares (the “ADS”), each representing one ordinary share, nominal value €0.025 per share (the “Shares”) of Criteo S.A., a French société anonyme whose headquarters are located 32 rue Blanche, 75009 Paris, France (the “Issuer”). All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.
| CUSIP No. 226718104 | 13D | Page 6 of 10 pages |
| Item 3. Source and Amount of Funds or Other Consideration. |
Item 3 of the Original Schedule 13D is hereby amended and supplemented as follows:
A total of approximately $19.5 million, excluding commissions, was paid to acquire the ADS, including options to acquire ADS, purchased since the filing of the Original Schedule 13D on February 27, 2024. The ADS reported herein were purchased using the working capital of the investment vehicles and managed accounts that own the ADS directly, for which Petrus serves as investment manager or portfolio adviser, as well as the personal funds of the private individuals who have signed powers of attorney in favor of Petrus, Mr. Hufnagel and Mr. Umek. | |||
| Item 4. Purpose of Transaction. | |||
Item 4 of the Original Schedule 13D is hereby amended and supplemented as follows:
On April 16, 2024, the Issuer announced the nomination of Ernst Teunissen to stand for election to the Board as a new independent director at its 2024 Annual General Meeting of Shareholders (“AGM”). The Issuer also announced its intent to accelerate capital returns to shareholders by repurchasing a record $150 million of stock in 2024 and to provide an investor update on its Retail Media business in fall 2024.
The Reporting Persons acknowledge the recent steps taken by the Issuer. The Reporting Persons support the nomination of Ernst Teunissen to the Board, the Issuer’s plan to accelerate capital return and provide an investor update on its Retail Media strategy, and the Issuer’s commitment to consider all relevant options for the business. The Reporting Persons remain committed to the goals set forth in the Letter, and will continue to work with the Issuer to maximize ADS and shareholder value, including by engaging with the Issuer in its evaluation of all relevant options for the business, including to evaluate all ownership options, and other governance enhancements. As such, the Reporting Persons intend to continue to engage in communications with, among others, the Issuer’s managers, Board members, shareholders of the Issuer, legal, financial, regulatory, technical, industry or other advisors, potential sources of financing, or other persons, regarding, among other things, the evaluation of all relevant options for the business, opportunities to maximize ADS and shareholder value, Issuer operations, governance and control, and other matters related to the Issuer or the Reporting Persons’ investment in the Issuer. |
| CUSIP No. 226718104 | 13D | Page 7 of 10 pages |
| Item 5. Interest in Securities of the Issuer. |
Item 5(a)-(c) of the Original Schedule 13D is hereby amended and supplemented as follows:
| (a) | See rows (11) and (13) of pages 2, 3 and 4 of this Amendment No. 1 for the aggregate number of ADS and percentage of ADS beneficially owned by the Reporting Persons. These amounts include (i) an aggregate 1,550,000 ADS that the Reporting Persons have the right to acquire within 60 days upon exercise of long standardized call options, and (ii) 310,000 ADS that the Reporting Persons have the right to recall at any time pursuant to a three-month repurchase agreement with RBC Bank, at a price of $29.7930, that terminates on July 11, 2024. The aggregate percentage of ADS reported beneficially owned by the Reporting Persons is based upon 56,142,643 Shares outstanding as of March 31, 2024, as disclosed in the Issuer’s proxy statement on Schedule 14A, filed by the Issuer with the Securities and Exchange Commission on April 16, 2024. | ||
| (b) | See rows (7) through (10) of pages 2, 3 and 4 of this Amendment No. 1 for the ADS as to which the Reporting Persons have the sole or shared power to vote or direct the vote and sole or shared power to dispose or direct the disposition. Each of Petrus, Mr. Hufnagel and Mr. Umek may be deemed to share voting power and share dispositive power over the ADS and options to acquire ADS held directly by the investment vehicles and managed accounts for which Petrus serves as investment manager or portfolio adviser and the private individuals who have signed powers of attorney in favor of Petrus. | ||
| (c) | The transactions in the ADS effected by the Reporting Persons since the filing of the Original Schedule 13D on February 27, 2024, which were all in the open market, are set forth on Schedule 2 attached hereto. | ||
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. | |||
Item 6 of the Original Schedule 13D is hereby amended and supplemented as follows:
The responses to Items 4 and 5 of this Amendment No. 1 are incorporated herein by reference.
| CUSIP No. 226718104 | 13D | Page 8 of 10 pages |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| Petrus Advisers Ltd. | ||
| By: | /s/ Suraj Shah | |
| Suraj Shah | ||
| (Name) | ||
| Director | ||
| (Title) | ||
| April 18, 2024 | ||
| (Date) |
| By: | /s/ Klaus Umek | |
| Klaus Umek | ||
| April 18, 2024 | ||
| (Date) |
| By: | /s/ Till Hufnagel | |
| Till Hufnagel | ||
| April 18, 2024 | ||
| (Date) |
| CUSIP No. 226718104 | 13D | Page 9 of 10 pages |
SCHEDULE 2
Transactions in the ADS of the Issuer by the Reporting Persons since the filing of the Original Schedule 13D
The following table sets forth all transactions in the ADS effected since the filing of the Original Schedule 13D on February 27, 2024 by the Reporting Persons. Except as noted below, all such transactions were effected in the open market through brokers and the price per share excludes commissions.
| Reporting Person | Type | Quantity4 | Name of Security | Price5 | Trade Date6 | |||||
| Till Hufnagel | Buy | 17,500 | CRTO US Equity | 33.57930 | 20240311 | |||||
| Petrus Advisers LTD | Buy | 1,000 | CRTO US Equity | 33.50668 | 20240311 | |||||
| Petrus Advisers LTD | Buy | 1,000 | CRTO US Equity | 33.43273 | 20240311 | |||||
| Klaus Umek | Buy | 30,511 | CRTO US Equity | 34.54210 | 20240312 | |||||
| Petrus Advisers LTD | Buy | 15,416 | CRTO US Equity | 34.95262 | 20240313 | |||||
| Petrus Advisers LTD | Buy | 9,500 | CRTO US Equity | 34.99201 | 20240313 | |||||
| Petrus Advisers LTD | Buy | 25,007 | CRTO US Equity | 34.90950 | 20240313 | |||||
| Petrus Advisers LTD | Buy | 27,654 | CRTO US Equity | 35.38382 | 20240314 | |||||
| Petrus Advisers LTD | Buy | 60,500 | CRTO US Equity | 35.10022 | 20240314 | |||||
| Klaus Umek | Buy | 2,500 | CRTO US Equity | 35.23960 | 20240314 | |||||
| Klaus Umek | Buy | 3,400 | CRTO US Equity | 35.62700 | 20240314 | |||||
| Klaus Umek | Buy | 3,400 | CRTO US Equity | 35.56760 | 20240314 | |||||
| Klaus Umek | Buy | 3,400 | CRTO US Equity | 35.46830 | 20240314 | |||||
| Petrus Advisers LTD | Buy | 328 | CRTO US Equity | 34.86500 | 20240314 | |||||
| Petrus Advisers LTD | Buy | 4,236 | CRTO US Equity | 35.36090 | 20240314 | |||||
| Petrus Advisers LTD | Buy | 38,429 | CRTO US Equity | 35.14217 | 20240315 | |||||
| Petrus Advisers LTD | Buy | 33,500 | CRTO US Equity | 35.34998 | 20240315 | |||||
| Klaus Umek | Buy | 5,000 | CRTO US Equity | 34.99530 | 20240315 | |||||
| Petrus Advisers LTD | Buy | 6,600 | CRTO US Equity | 35.01205 | 20240318 | |||||
| Petrus Advisers LTD | Buy | 2,000 | CRTO US Equity | 34.91114 | 20240318 | |||||
| Petrus Advisers LTD | Buy | 800 | CRTO US Equity | 35.11625 | 20240318 | |||||
| Petrus Advisers LTD | Buy | 500 | CRTO US 04/19/24 C35 Equity | 1.29990 | 20240320 | |||||
| Petrus Advisers LTD | Buy | 10,000 | CRTO US Equity | 35.47000 | 20240321 | |||||
| Petrus Advisers LTD | Buy | 27,350 | CRTO US Equity | 35.39372 | 20240321 | |||||
| Petrus Advisers LTD | Sell | -23,000 | CRTO US Equity | 35.57500 | 20240321 | |||||
| Petrus Advisers LTD | Buy | 19,500 | CRTO US Equity | 35.21357 | 20240325 | |||||
| Petrus Advisers LTD | Sell | -9,200 | CRTO US Equity | 35.09000 | 20240326 |
| 4 | Quantity of options reflects number of contracts, with each contract representing 100 ADS. |
| 5 | Price per share in US dollars. |
| 6 | Trade dates are following the format YYYYMMDD. |
| CUSIP No. 226718104 | 13D | Page 10 of 10 pages |
| Petrus Advisers LTD | Buy | 9,500 | CRTO US Equity | 35.00003 | 20240326 | |||||
| Petrus Advisers LTD | Buy | 17,500 | CRTO US Equity | 35.12963 | 20240326 | |||||
| Petrus Advisers LTD | Buy | 15,000 | CRTO US Equity | 35.07151 | 20240327 | |||||
| Petrus Advisers LTD | Buy | 13,929 | CRTO US Equity | 35.03390 | 20240327 | |||||
| Petrus Advisers LTD | Buy | 20,000 | CRTO US Equity | 35.32802 | 20240327 | |||||
| Petrus Advisers LTD | Buy | 20,000 | CRTO US Equity | 35.05000 | 20240327 | |||||
| Petrus Advisers LTD | Sell | -32,009 | CRTO US Equity | 35.05000 | 20240327 | |||||
| Petrus Advisers LTD | Sell | -18,600 | CRTO US Equity | 35.34065 | 20240328 | |||||
| Petrus Advisers LTD | Sell | -6,514 | CRTO US Equity | 35.24024 | 20240328 | |||||
| Petrus Advisers LTD | Sell | -22,100 | CRTO US Equity | 35.12127 | 20240401 | |||||
| Petrus Advisers LTD | Buy | 2,500 | CRTO US Equity | 35.18132 | 20240402 | |||||
| Petrus Advisers LTD | Buy | 3,000 | CRTO US Equity | 35.1504 | 20240402 | |||||
| Petrus Advisers LTD | Buy | 23,500 | CRTO US Equity | 35.83027 | 20240403 | |||||
| Petrus Advisers LTD | Buy | 30,000 | CRTO US Equity | 35.62098 | 20240403 | |||||
| Petrus Advisers LTD | Buy | 1,200 | CRTO US Equity | 35.62000 | 20240403 | |||||
| Petrus Advisers LTD | Buy | 19,503 | CRTO US Equity | 35.44479 | 20240404 | |||||
| Petrus Advisers LTD | Buy | 11,750 | CRTO US Equity | 35.70040 | 20240404 | |||||
| Petrus Advisers LTD | Buy | 250 | CRTO US Equity | 35.63872 | 20240404 | |||||
| Petrus Advisers LTD | Buy | 4,500 | CRTO US Equity | 35.22135 | 20240405 | |||||
| Petrus Advisers LTD | Buy | 7,961 | CRTO US Equity | 35.08254 | 20240405 | |||||
| Petrus Advisers LTD | Buy | 4,500 | CRTO US Equity | 35.14177 | 20240405 | |||||
| Petrus Advisers LTD | Buy | 9,268 | CRTO US Equity | 35.14005 | 20240405 | |||||
| Klaus Umek | Sell | -1,150 | CRTO US Equity | 34.88970 | 20240405 | |||||
| Petrus Advisers LTD | Buy | 7,427 | CRTO US Equity | 35.23012 | 20240408 | |||||
| Petrus Advisers LTD | Buy | 400 | CRTO US Equity | 35.41000 | 20240408 | |||||
| Petrus Advisers LTD | Buy | 20,000 | CRTO US Equity | 35.14896 | 20240408 | |||||
| Petrus Advisers LTD | Buy | 19,105 | CRTO US Equity | 35.15846 | 20240408 | |||||
| Petrus Advisers LTD | Buy | 2,573 | CRTO US Equity | 35.53393 | 20240408 | |||||
| Petrus Advisers LTD | Buy | 17,000 | CRTO US Equity | 35.59909 | 20240409 | |||||
| Petrus Advisers LTD | Buy | 500 | CRTO US Equity | 35.76596 | 20240409 | |||||
| Petrus Advisers LTD | Buy | 15,838 | CRTO US Equity | 35.29530 | 20240410 | |||||
| Petrus Advisers LTD | Buy | 2,142 | CRTO US Equity | 35.1248 | 20240410 | |||||
| Petrus Advisers LTD | Buy | 129 | CRTO US Equity | 35.95349 | 20240410 | |||||
| Petrus Advisers LTD | Buy | 4,030 | CRTO US Equity | 35.18108 | 20240410 | |||||
| Petrus Advisers LTD | Buy | 14,500 | CRTO US Equity | 35.35331 | 20240411 |