The National Securities Market Commission (CNMV) has brought some order to the haste with which international investors are rushing into the capital of the Spanish leader in ITV and industrial testing, Applus. The market supervisor has decided to suspend the processing of the counter-takeover bid presented yesterday by the American fund ISQ and the British fund TDR because it has not yet had time to authorize the first offer, that of Apollo, and the legal deadlines must be respected.
The decision comes after the shares rose sharply yesterday, more than 5%, upon learning of the decision of the Anglo-Saxon funds to enter into a bidding competition for the ITV group, which has an important presence in Catalonia, where it obtains close 15% of its income through the subsidiary Idiada, in which the Generalitat has 20%.
The rise in the share yesterday placed its price at 9.94, for the first time above that offered by interested parties. ISQ and TDR are willing to pay 9.75 euros, 2.63% more than Apollo, but the market now expects more aggressive competition. The value of the company now reaches 1,280 million euros.
The CNMV has resorted to article 41 of royal decree 1066/2007 on takeover bids to suspend the processing of the ISQ and TDR offer. According to the rule, when Apollo's offer is authorized, the funds that launch the counter-bid will have ten calendar days to present a better offer.
Also today, the board of directors of Applus has informed the CNMV that it "welcomes the unsolicited interest" of ISQ and TDR, since it "provides its shareholders with the option of monetizing their investment in the company with a premium over the price of price".
The company, he indicates, has provided the funds with access to information about the company so that they can formulate their offer. This information includes information relating to the international investment regime.
The new bidders, who at the end of June already announced that they were interested in the Spanish company, articulate the offer through a company created specifically for the operation called Amber EquityCo, which brings together five different companies with headquarters in London, Miami and the islands. Alligator.
The takeover bid is in cash and the bidders say they have the "debt and capital commitments necessary to meet the aforementioned consideration," according to the description of the operation sent to the CNMV.
