Renta4 | LetterOne has communicated to the regulator (CNMV) that it will further extend the acceptance period for its bid to 6 May inclusive (compared to 30 April before, and the 23 April originally established) after the company made public and advance of its Q119 results last week which continue to show a significant operational deterioration.
For the same reason, LetterOne proposes changes in the conditions for the takeover bid, specifically lowering the mínimum acceptance conditions of the voluntary offer, when and if the CNMV considers the price offered is fair. In this way, it would be sufficient for LetterOne to secure 50% of the capital as a result of the takeover, rather tan the 64.5% established until now. We insist that the timing continues to play a decisive role, given that the company must resolve its net negative equity (the cause of dissolution) before 20 May (two months after the shareholders´ general assembly) and needs an injection of capital to deal with the next debt expiry.
