Lighthouse / Spanish Institute of Analysts | The National Securities Market Commission (CNMV) has announced that Bondalti’s takeover bid has been accepted by 77.23% of Ercros’s shares. The remaining free float would stand at around 23% (Joan Casas Galofré and family, holding almost 10.8%, have stated their intention not to accept the takeover bid, which would imply an even smaller free float). The offer is expected to be settled two working days after the publication of the final result (24 March 2026).
What will happen now?
After gaining control of Ercros, Bondalti could: (i) keep the company listed (with a reduced free float), (ii) gradually increase its stake through market purchases and (iii) launch a delisting takeover bid, as indicated in the prospectus (“it will promote the formulation of a delisting offer… provided that the price… does not exceed €3.505 per share”).
Should a second (delisting) takeover bid be launched, the price would need to meet the ‘fair price’ criteria and be supervised by the CNMV. Bondalti’s statement, the sector’s downturn and the commitments made to the National markets and Competition Commission (CNMC) reduce both the likelihood of a higher price and its potential magnitude, although it remains theoretically possible. In this context, the price of the first takeover bid (€3.505 per share) constitutes a solid benchmark, and the expectation of a potential delisting bid continues to act as a support for the share price (€3.45 per share; down 1.6% against €3.505 per share).
