Azkoyen’s share price closed Friday’s session at €11.40 per share, representing a 31 per cent increase so far this year, although it had approached €15 at the start of the month. The offer of €10 per share therefore represents a 12.3 per cent discount on last week’s closing price.
Reported by the Consejeros Editorial Team
Clerbil (chaired by José Antonio Jainaga), together with Ohmnia’s current shareholders (Carmen Lequerica Holding, the Basque Institute of Finance and the Vital Banking Foundation), and with the addition of the BBK Foundation and Indar Kartera – Kutxabank’s investment vehicle – have announced the launch of a voluntary takeover bid for 100 per cent of Azkoyen at a price of €10 per share in cash.
Azkoyen’s share price closed Friday’s trading session at €11.40 per share, representing a 31 per cent increase so far this year. However, the company’s shares reached a high of nearly €15 at the start of this month. Consequently, the offer of €10 per share is 12.3 per cent below (a discount on) the value of the shares at the close of trading this week. The offeror has also indicated that the price will be reduced by an amount equal to the gross amount per share of any distribution of dividends, reserves or share premium, or any other distribution made by Azkoyen to its shareholders from the date of the preliminary announcement of the takeover bid. However, it clarifies that this does not take into account the payment of the ordinary and extraordinary dividends announced by the company on 9 June, totalling €1 per share.
The takeover bid is conditional upon the acceptance of at least 50 per cent of the share capital. The intention is for Azkoyen to remain listed on the stock exchange and to carry out a reverse merger with Ohmnia. Ohmnia has a turnover of €190 million and an EBITDA of €27 million. Azkoyen has a turnover of €400 million and an EBITDA of €65 million.
