Carlos Manso ChicoteSEGUIRMadrid Updated: Save Send news by mail electrónicoTu name *

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The takeover of the investment funds, KKR, Providence and Cinven through the society Lorca Telecom BidCo, S. A. U. on 100% of the shares of MásMóvil, the fourth operator in Spain, by an amount at 2.963,57 million euros, with a price of 22.50 euros the action, has received the endorsement of the current board of directors with the CEO of teleco, Meinrad Spenger to the head. In a comunidado submitted to the Commission National of the Market of Values (CNMV), the council has reported that it has issued a favorable report on the deal.

In particular, the address of the teleco has considered that the price of the opa – 22,50 euros per share- “it is reasonable from the financial point of view”. In this sense, have argued that the price represents “a premium of 20% over the closing price of stock prior to the announcement of the takeover bid and a premium of 20% over the weighted average price of the previous semester (17.38 per euro) and a 20% on the weighted average price for the period of a year earlier (18,82 eur).

The address of the operator, has also recognized in its report have received notifications of shareholders stating the price is “weak” although they have stressed that since they announced the takeover bid, the shares of MásMóvil have moved “on a range of intra-day between 22,46 and 24,30 euros per share, and at the close of the session of August 5, 2020 the price was 22,54 eur per share”.

The report cited has been voted favorably by all of the directors , with the exception of John C. Hahn, who holds the indirect representation of Providence, which is one of the investment funds that are part of the offeror company. This document comes in the middle of the process of acceptance started last July 31, and runs until the 11th of September, subject to the acceptance of more than 50% of the capital.

on the other hand, all the members of the board of directors have indicated their intention to accept the offer with all their actions, with the exception of Rafael Domínguez de la Maza , direct owner of 35,000 shares and chief Sunday of the indirect shareholder Indumenta Pueri, holder (through Global Portfolio Investments) of 10.831.968 shares of approximately 8.25% of the capital of the society.

The report of the board of directors comes after the green light from the CNMV to the opa at the end of July, as well as the acquiescence of the Council of Ministers due to the particular regulation that governed in the state of alarm about foreign investment, and in full acceptance period, which opened and the 31st of July and runs until the 11th of September.

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