Press "Enter" to skip to content

MásMóvil formally presents the takeover bid on Euskaltel

By Kate Holton

Apr 1 (Reuters) – MásMóvil Ibercom has formally presented the already announced offer to take control of Euskaltel through a public offer to acquire shares (opa), according to a statement sent to the Spanish stock market supervisor.

MásMóvil announced at the end of March a friendly offer by Euskaltel for almost 2,000 million euros, which has the backing of 52.32% of Euskaltel shareholders and which needs to obtain 75% of the share capital plus one share to be approved .

In the communication on Wednesday night, MásMóvil indicates that after carrying out an analysis of the operation, it has come to the conclusion that the takeover of Euskatel may be subject to notification and authorization procedures in Serbia, which is why it adds as condition the authorization of the competent bodies in said country.

Specifically, to execute the takeover bid, confirmation “by the Serbian Commission for the Protection of Competition that the takeover (of Euskaltel) does not comply with the applicable thresholds in terms of merger control” and the green light of said organism.

In addition, MásMóvil has notified the operation to the competition agencies of Spain and in the statement also indicates that it has five bank guarantees to meet the consideration of the offer.

The top leader of Zegona, Euskaltel’s largest shareholder, expects investors and regulators to support the offer, clearing the way for the closing of the operation at the beginning of the fourth quarter.

Zegona had indicated that he expected Spain’s regulators to oversee the deal, rather than Brussels.

(Information by Tomás Cobos; edited by Darío Fernández)

Read more

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *