The National Securities Market Commission (CNMV) has agreed to process the joint offer of I Squared and TDR funds for 100% of Applus at 11 euros per share. Amber is a joint venture grouped under EquityCo. Its main rival in the fight to see who will buy the company is the American fund Apollooffers 10.68. Within a month, both will have to send their final offers to the CNMV in a sealed envelope, and in the end it will be clear who will stay with the Spanish company ITV.
The agency gave the green light to Apollo’s takeover bid last month, but it’s clear from the prospectus and other documents the company filed. amber They also comply with current regulations. However, it clarifies that acceptance to process the application “does not constitute any representation as to the decision to authorize the offer or any of its terms and conditions” and must take place accordingly. periods stipulated by law.
The war between the funds has been going on for months. A few weeks ago, Apollo announced an improvement on its previous offer, increasing the value it would pay per share to 10.65 euros, and received acceptance from the CNMV. In response, its rival increased the bid to 11 with a valuation for the company of: 1,420 million euros. Currently the company is listed at: 11.39 euros per share. This was reported to the CNMV by Amber after learning that the Cabinet had decided on January 30 to unconditionally authorize the takeover bid for Applus, a key requirement for the CNMV to approve the operation.
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Amber also reported that the takeover offer would also reduce the minimum acceptance requirement. 75% to 50% of Applus’ capital plus one share. That is, 64,537,067 shares of the Spanish company. Apollo has already made a series of moves Secure 21.85% The capital of the Spanish company through the signing of various purchase and sale contracts.
A key moment will come in a month when the two competitors submit their final offers to the CNMV: Apollo is the first to officially launch the takeover bid. you can improve your offer If your bid is 2% below or below the competing bid. Apollo also owns 22% of the company. The two may decide to share the rest.