Author: FUCO REI
American background Apollo announced a public offer for the acquisition of shares (download offer) over 100% of Applause For the price of €9.5 per share cashwhich gives a total of EUR 1,226.2 million.
The offered compensation, supported by a bank guarantee for the same amount, represents a 2.3% premium with regard to the listed price of Applus shares at the closing of the market on June 28, 2023, the last stock exchange business day before submitting the request for authorization of the offer (9.29 euros).
The effectiveness of the offer will depend, among other conditions, on the minimum acceptance of at least 96,805,600 Applus shares, representing 75% of the voting share capital.
According to the report of the National Securities Market Commission (CNMV) Apollo, which established the holding company Manzana Holdco for the purpose of launching the OPA, the compensation will be adjusted downwards in case the company previously pays a dividend to its shareholders.
As an exception, for the determination of the offer price, Apollo took into account the dividend approved by the general meeting of shareholders of Applus on June 8, 2023 in the amount of EUR 0.16 per share (that is, for a maximum amount of EUR 21.73 million) which will be payable on July 6, 2023. Consequently, the OPA price will not be adjusted downward as a result of the payment of the above dividend.
Although it is a voluntary takeover offer, Apollo plans to secure a valuation report prepared by KPMG Asesores as an independent expert to ensure the consideration is fair, something the CNMV will have to ratify.
The American fund bought the bank in 2014 here to Novagalicia Bank for 60 million euros. Banco Evo had 600 employees and 80 branches. Only four years later, it was separated from the entity, now in its hands banker.
Galician ITV
Applus took over control of all vehicle technical inspections at the end of 2022 (ITV) in Galicia. In addition, it closed the year with a net profit of 48.6 million euros in 2022, which is 50.8% more than that of the previous year.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
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