Banc Sabadell | The National Securities Market Commission (CNMV) board has approved Neinor Homes’ (HOME) mandatory takeover bid for Aedas Homes (AEDAS) (‘the second takeover bid’). It considers the price to be fair. We note that Neinor is offering €24.00 per share in cash in an offer for the 20.80% of Aedas shares it does not already own. The acceptance period will run from 30 January to 27 February, inclusive.
Assessment: The news comes as no surprise, given that Neinor is raising the price originally paid to the majority shareholder, which is unusual in Spain. We recommend that Aedas shareholders accept Neinor’s takeover bid.
