The board of the National Securities Market Commission (CNMV) has authorized this Thursday the partial voluntary takeover bid (OPA) of FCC Inmobiliaria, an FCC company, for 24% of Metrovacesa shares. As confirmed by the CNMV, the operation, announced last March, is aimed at a maximum of 36,402,322 shares, representing 24% of its share capital.
FCC and its controlling partner —the Mexican CEC, owned by Carlos Slim, which has immobilized its direct and indirect 5.41% stake— will thus be able to reach a maximum stake of 29.4087% of Metrovacesa’s share capital through the offer. The consideration offered is 7.20 euros per share, which will be paid in cash. FCC lowered the initial price from 7.80 euros to 7.20 euros by discounting the dividend planned by Metrovacesa. Today it is trading at 6.94 euros per title.
The price has been set by FCC and “has not been submitted for its consideration as a fair price” for the purposes of article 130 of the consolidated text of the Securities Market Law and article 9 of the aforementioned royal decree on takeover bids.
The effectiveness of the offer is not subject to any conditions. In guarantee of the operation, FCC has presented a guarantee for 262.09 million euros from Banco Santander.
The acceptance period will be 15 calendar days from the stock market business day following the publication of the first announcement with the essential data of the offer, also ending on a stock market business day. As it is a partial takeover bid, there are no forced purchases. “The offeror has no plans to promote the delisting of the shares,” according to the CNMV in its statement.
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