The American fund Apollo has carried out a rare maneuver in the war of public acquisition bids (takeover bid) that it is waging for the Spanish ITV leader, Applus, which at least guarantees it access to the board of directors and distorts its options. competitor.
The fund informed the CNMV this morning of the purchase of 21.85% of the Spanish company from a dozen venture capital firms for around 300 million. It has done so in various operations without prior notice and regardless of the takeover bid that Apollo itself has already planned for the company.
The price of the acquisitions is 10.65 euros per share, 11% above the 9.5 of the takeover bid that the CNMV had just authorized, pending the two other competing funds, I Squared and TDR, obtaining the approval of the Government and launched their own offer.
These two rival firms had announced that they would offer 9.75 euros for each share of the technical inspection company, more than the initial approach of their rival, but below what is known today.
By raising the price, Apollo will be forced to extend a similar offer for 100% of the shares, as required by the CNMV. The operation will now amount to almost 1.4 billion, pending an eventual response from I Squared and TDR.
The company’s shares rose almost 6% this Wednesday, to 10.8 euros, even above the price paid by Apollo. In one year, the revaluation has been greater than 50%, between movements of funds to acquire the company.
Applus has gone from being a company upset with the market, which did not appropriately reflect the real value from its point of view, to leading a strong revaluation between takeover movements.
Its shareholding is very fragmented, which facilitates this type of movements. The US bank Morgan Stanley has 5.3%, ahead of Southeastern Asset Management, which has 5.1%, or DWS, which declares 3.8%. Santander, with 3%, is the largest Spanish shareholder.
The company has been listed on the stock market for ten years, after the Carlyle investment fund decided to sell it through a public offering of shares (IPO). In its takeover bid, Apollo has the advice of BNP Paribas, which also coordinates the financing together with Santander.
