Renta 4 | According to information from the National Securities Market Commission (CNMV), the Board of Directors of AEDAS Homes has published its mandatory report on the takeover bid launched by Neinor Homes, with an unfavourable opinion on the same.
Similarly, the report includes the opinion issued by Goldman Sachs Bank Europe (financial advisor to AEDAS Homes) on the adequacy of the takeover bid price from a financial point of view, also concluding that the offer is inadequate.
For its part, AEDAS Homes (with its treasury shares), as well as its directors who own shares in the company, have stated their intention not to accept the offer.
Assessment: Expected news that, a priori, we do not expect to have an impact on the company’s share price.
It should be noted that, taking into account the dividend, the price offered to minority shareholders would be €27.15 per share in the second mandatory offer, which would be 1.6% below our target price for AEDAS Homes (€27.60 per share). Thus, after the first offer, which, a priori, should only be accepted by Castlelake, the second offer implies a 12.5% improvement in the price, dispelling doubts regarding the concept of ‘fair price’ from a legal perspective.
We reiterate our recommendation to ACCEPT THE SECOND MANDATORY TENDER OFFER OF €24.0/SHARE. (DO NOT ACCEPT THE FIRST OFFER of €21.335/share, for which the current period is open).
