CRTO Criteo SA

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934
(Amendment No. 4)*

 

	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)
	May 24, 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 8 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
		4,581,581
	9	SOLE DISPOSITIVE POWER
		0
	10	SHARED DISPOSITIVE POWER
		5,008,418

 

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	5,008,418
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
	(see instructions)		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	8.84%1
14	TYPE OF REPORTING PERSON* (see instructions)
	FI

 

1

Based on 56,687,497 Shares (as defined herein) outstanding as of April 30, 2024, as disclosed in the Issuer’s quarterly report on Form 10-Q filed on May 2, 2024.

 

 

CUSIP No. 226718104

13D

Page 3 of 8 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:		85,132
	8	SHARED VOTING POWER
		4,581,581
	9	SOLE DISPOSITIVE POWER
		85,132
	10	SHARED DISPOSITIVE POWER
		5,008,418

 

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	5,093,550
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
	(see instructions)		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	8.99%2
14	TYPE OF REPORTING PERSON* (see instructions)
	IN, HC

 

2

Based on 56,687,497 Shares outstanding as of April 30, 2024, as disclosed in the Issuer’s quarterly report on Form 10-Q filed on May 2, 2024.

 

 

CUSIP No. 226718104

13D

Page 4 of 8 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
		4,581,581
	9	SOLE DISPOSITIVE POWER
		185,561
	10	SHARED DISPOSITIVE POWER
		5,008,418

 

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	5,193,979
12	CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
	(see instructions)		☐
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	9.16%3
14	TYPE OF REPORTING PERSON* (see instructions)
	IN, HC

 

3

Based on 56,687,497 Shares outstanding as of April 30, 2024, as disclosed in the Issuer’s quarterly report on Form 10-Q filed on May 2, 2024.

 

 

CUSIP No. 226718104

13D

Page 5 of 8 pages

 

EXPLANATORY NOTE

 

Pursuant to Rule 13d-2 under the Act, this Amendment No. 4 to the Schedule 13D (“Amendment No. 4”) amends certain items of the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission (the “Commission”) on February 27, 2024, as amended by Amendment No. 1 filed with the Commission on April 18, 2024, Amendment No. 2 filed with the Commission on April 24, 2024, and Amendment No. 3 filed with the Commission on May 15, 2024 (collectively, 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 at 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 8 pages

 

Item 3. Source and Amount of Funds or Other Consideration.

 

Item 3 of the Schedule 13D is hereby amended and supplemented as follows:   

 

Because the Reporting Persons have generated more proceeds from sales of ADS than they have spent on acquiring ADS and options to acquire ADS since the filing of Amendment No. 3 on May 15, 2024, the Reporting Persons have not had to source additional funds to acquire the ADS and options to acquire ADS purchased since the filing of Amendment No. 3 on May 15, 2024.

 

Item 5. Interest in Securities of the Issuer

 

Item 5(a)-(c) of the 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. 4 for the aggregate number of ADS and percentage of ADS beneficially owned by the Reporting Persons. These amounts include (i) an aggregate 3,795,000 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 at a price of $29.7930, and 200,000 ADS that the Reporting Persons have the right to recall at any time at a price of $29.036, both pursuant to a repurchase agreement with RBC Bank that terminates on July 11, 2024. The aggregate percentage of ADS reported beneficially owned by the Reporting Persons is based upon 56,687,497 Shares outstanding as of April 30, 2024, as disclosed in the Issuer’s quarterly report on Form 10-Q filed by the Issuer with the Commission on May 2, 2024.

 

(b)

See rows (7) through (10) of pages 2, 3 and 4 of this Amendment No. 4 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 Amendment No. 3 on May 15, 2024 are set forth on Schedule 5 attached hereto.

 

 

CUSIP No. 226718104

13D

Page 7 of 8 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)
		May 29, 2024
		(Date)

 

	By:	/s/ Klaus Umek
		Klaus Umek
		(Name)
		May 29, 2024
		(Date)

 

	By:	/s/ Till Hufnagel
		Till Hufnagel
		(Name)
		May 29, 2024
		(Date)

 

 

CUSIP No. 226718104

13D

Page 8 of 8 pages

 

SCHEDULE 5

 

Transactions in the ADS of the Issuer by the Reporting Persons since the filing of Amendment No. 3

 

The following table sets forth all transactions in the ADS effected since the filing of Amendment No. 3 on May 15, 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
Petrus Advisers LTD		Sell		-13,900		CRTO US Equity		37.745000		20240514
Petrus Advisers LTD		Buy		6,000		CRTO US Equity		37.667442		20240514
Petrus Advisers LTD		Sell		-200		CRTO US Equity		37.800000		20240514
Petrus Advisers LTD		Sell		-1,305		CRTO US Equity		37.812720		20240514
Petrus Advisers LTD		Sell		-1,205		CRTO US Equity		37.479270		20240515
Petrus Advisers LTD		Sell		-550		CRTO US 05/17/24 C35 Equity		1.750000		20240516
Petrus Advisers LTD		Sell		-1,540		CRTO US Equity		37.072078		20240516
Petrus Advisers LTD		Sell		-72,000		CRTO US Equity		36.297805		20240517
Petrus Advisers LTD		Sell		-20,000		CRTO US Equity		36.400000		20240517
Petrus Advisers LTD		Sell		-85,000		CRTO US Equity		36.400000		20240517
Petrus Advisers LTD		Sell		-4,450		CRTO US 05/17/24 C35 Equity		1.400000		20240517
Petrus Advisers LTD		Buy		2,500		CRTO US 06/21/24 C40 Equity		0.600000		20240517
Petrus Advisers LTD		Buy		2,500		CRTO US 06/21/24 C42.5 Equity		0.400000		20240517
Petrus Advisers LTD		Buy		2,500		CRTO US 07/19/24 C35 Equity		3.200000		20240517
Petrus Advisers LTD		Buy		4,450		CRTO US 07/19/24 C35 Equity		3.200000		20240517
Petrus Advisers LTD		Sell		-3,000		CRTO US 10/18/24 C30 Equity		7.700000		20240517
Petrus Advisers LTD		Buy		3,000		CRTO US 10/18/24 C35 Equity		4.600000		20240517
Petrus Advisers LTD		Buy		3,000		CRTO US 10/18/24 C35 Equity		4.600000		20240517
Petrus Advisers LTD		Sell		-3,000		CRTO US 10/18/24 C40 Equity		2.250000		20240517
Petrus Advisers LTD		Sell		-12,000		CRTO US Equity		36.780000		20240517
Petrus Advisers LTD		Sell		-20,000		CRTO US Equity		37.202739		20240520
Petrus Advisers LTD		Sell		-43,015		CRTO US Equity		37.306298		20240520
Petrus Advisers LTD		Sell		-4,945		CRTO US Equity		37.253764		20240521
Petrus Advisers LTD		Buy		1,000		CRTO US Equity		37.141000		20240521
Petrus Advisers LTD		Buy		69,000		CRTO US Equity		36.870757		20240521
Petrus Advisers LTD		Sell		-50,000		CRTO US Equity		37.165663		20240522
Petrus Advisers LTD		Sell		-50,000		CRTO US Equity		37.055000		20240522
Petrus Advisers LTD		Sell		-50,000		CRTO US Equity		37.135000		20240522
Petrus Advisers LTD		Sell		-16,493		CRTO US Equity		37.522552		20240523
Petrus Advisers LTD		Sell		-250		CRTO US Equity		39.000000		20240524
Petrus Advisers LTD		Sell		-29,343		CRTO US Equity		38.931082		20240524
Petrus Advisers LTD		Sell		-24,908		CRTO US Equity		39.005271		20240524
Petrus Advisers LTD		Sell		-20,657		CRTO US Equity		39.014589		20240524
Petrus Advisers LTD		Sell		-2,200		CRTO US Equity		39.000227		20240524
Petrus Advisers LTD		Sell		-39,605		CRTO US Equity		39.024861		20240524
Petrus Advisers LTD		Sell		-26,249		CRTO US Equity		39.023589		20240524
Petrus Advisers LTD		Sell		-24,100		CRTO US Equity		39.017523		20240524
Petrus Advisers LTD		Sell		-25,092		CRTO US Equity		39.011361		20240524

 

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.

 

 

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