The Spanish leader in ITV and technical inspections, Applus, is up almost 7% on the stock market today, with occasional increases of up to 9%, after acknowledging the interest of various investors in acquiring the company and informing that it has given access to additional information about the business.
The shares already appreciated 13.8% yesterday, when it was learned that several international funds, including the British giant Apax and the American Apollo, are studying purchase offers for the company separately.
Applus’ market capitalization now exceeds 1,250 million euros after the strong revaluation of the last two days. The company was considered at least until yesterday within a shot of taking a bid, when trading at a discount.
In a note sent this morning to the CNMV, the company acknowledges that “it has received non-binding and unsolicited samples of interest from certain investors” aimed at the “potential acquisition of the company”. Interested parties have requested access to “a review of information”, and Applus has granted it.
Reuters published yesterday that Applus is holding consultations with JPMorgan to assess the operation, which has also aroused interest in a consortium formed by the firms I Squared and TDR. The Spanish company invoices more than 2,000 million euros a year.
The eventual takeover bid has in its favor the high fragmentation of capital. The US bank Morgan Stanley, with 5.3%, is the main shareholder of Applus, ahead of Southeastern Asset Management, which has 5.1%, or DWS, which declares 3.8%. Santander, with 3%, is the leading Spanish shareholder, according to the records of the CNMV.
Applus has been listed on the stock market for almost ten years, after the Carlyle investment fund decided to sell it through an IPO. If this operation is launched, it would be the largest so far this year in Spain.
