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

Your email *

email *

The actions of MásMóvil have starred today in Stock a genuine rally, with a rise historical 23,82% to reach 23,18 € after closing the Friday of the 18,72 euros. In this way, the markets have applauded the union of investment funds Providence (which it already has 9.2% of the operator), KKR and Cinven have teamed up to launch a public offer of acquisition (opa) on all of the shares of the fourth Spanish operator valued at 2.963,57 million euros, at the rate of 22.50 euros in cash for each title, as reported Monday the company to the National Commission of the Market of Values (CNMV). This price could increase if it gets a competing offer, in which would be working with CVC according to some media, but not to exceed 26 euro for action.

the offer price represents a premium of approximately by 20.2% over the closing price of of the actions of Masmóvil last Friday, when it closed at a price of 18,72 euros, with a rise of 2.8%. Sources close to the operation have been considered that it is “a reasonable price”. In particular, the offer is directed to all of the capital stock of Masmóvil, represented by 131.714.565 shares, eur 0.02 par value each one of them, is voluntary, and shall be made exclusively in the Spanish market , the only market in the listed shares of the company.

on the other hand, the effectiveness of the offer is subject to the acceptance of the same by a number of shares of Masmóvil that represents at least 50% of the shares rounded up.

According to sources close to the operation, the three funds involved in the offer support the continuation of the current Board of Directors headed by the ceo of the operator, Meinrad Spenger and the Strategic Plan of the company. In addition, these same sources, have highlighted the “financial strength” of the participants in the TAKEOVER bid, which valued the company at around 3,000 million euros assuming the debt of the company with which the operation round a total of 5,000 milloines.

on the other hand, the consulted parties have ruled out that this may be affected by the limitations on foreign investment established by the Government during the state of alarm. “We believe that they are directed more towards national champions and MásMóvil is the fourth operator of the country,” he commented.

Pr its part, the board of directors in a communication to the CNMV has considered the operation “beneficial” for shareholders. In any case, the effectiveness of the offer is subject to the acceptance of the same by a number of shares of Masmóvil that represents at least 50% of the shares of Masmóvil rounded up.

The Board of Directors of Masmóvil supports this initiative and the company has committed to pay to the funds that have submitted the offer 22.6 million euros to compensate them in the event that it does not reach to the consummation of the opa because it is liquidated another competing offer or for other reasons .

in order to ensure the payment of the whole of the consideration offered, the offeror company, Lorca Telecom BidCo, will present to the CNMV the supporting documentation of the constitution of the two guarantees granted by Barclays Bank, BNP Paribas and Morgan Stanley Bank International Limited for an amount of 987.859.237,5 euros each one of them respectively.