The incessant speculation about a possible counter-bid for Applus has materialised with the offer launched by I Squared and TDR. The consortium has submitted to the CNMV its proposal of €9.75 per share, compared to Apollo’s €9.50 and the €9.45 at which the company ended yesterday.
The war for control of Applus, the Catalan company that controls a large part of Spanish statutory vehicle inspections, enters a decisive battle today with the announcement of a takeover bid for 100% of the former Agbar subsidiary by a consortium formed by the funds I Squared and TDR Capital.
These two firms, through the company Amber EquityCo, propose the payment of €9.75 per Applus share, 2.6% above the €9.5 proposed by Apollo Global Management in the takeover bid formulated in June and which opened the formal dispute for the Spanish company.
I Squared and TDR’s offer, like Apollo’s, is conditional on the acquisition of at least 75% of Applus’ share capital. In case of reaching 100%, the alliance of American and British funds would have to pay €1,258 million.
The price offered by I Squared and TDR represents a premium of 3.2% over the €9.45 at which the company’s shares closed yesterday on the Continuous Market.