I Squared and TDR launch counter takeover bid for Applus at €9.75 per share

Spanish small&midcaps: Applus+Applus+ works on testing, inspection and certification companies

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.

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