The National Securities Market Commission (CNMV) is reviewing a joint takeover proposal for Applus by I Squared and TDR funds, set at 11 euros per share. Amber is a collaborative venture under EquityCo. The main competing bid comes from Apollo, an American fund presenting 10.68 euros per share. Within about a month, each party will submit final, sealed offers to the CNMV, after which the outcome will determine which group secures the Spanish firm ITV in the deal. This process follows the CNMV’s prior authorization of Apollo’s bid, as documented in the company filings. The authority clarified that such authorization does not guarantee approval or define the terms, and all actions must follow the legal timelines in force. Amber confirms that both the bid and the supporting documents comply with current regulations, while noting that the CNMV’s acceptance to process is not a forecast of final permission.
The competition has been intensifying for months. Recently, Apollo raised its per-share bid to 10.65 euros, an adjustment that received CNMV approval for processing. In response, Amber disclosed an increased offer of 11 euros per share, valuing Applus at roughly 1.42 billion euros. Today, Applus trades around 11.39 euros per share on the market. Amber also indicated that the Cabinet’s January 30 decision to grant unconditional authorization for the takeover would ease the CNMV’s review, signaling a smoother path to final clearance. These events are reported to the CNMV as the situation evolves in real time.
In related updates, Amber noted that the takeover approach would lower the minimum acceptance threshold from 75% to 50% of Applus’s capital plus one share, effectively representing 64,537,067 shares. Apollo has already secured a stake of approximately 21.85% through various purchase agreements and other arrangements. The competitive dynamics remain pivotal as both sides head toward the final submissions, with Apollo currently holding a 22% share and the two players possibly negotiating to cover the remaining stake.
A decisive moment is expected in about a month when the final bids are filed with the CNMV. If Apollo’s bid ends up just shy of the competing offer, it could consider adjustments to strengthen its position. The evolving story shows how strategic financing, regulatory timing, and market capitalization interact in cross-border takeovers and how the CNMV’s stance shapes outcomes for European investors. (Source: CNMV filings and official statements, with ongoing market disclosures)