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I Squared and TDR confirm their interest in launching a takeover bid to acquire Applus+

Date: July 18, 2024 Time: 10:32:10

The firm I Squared Capital, with the support of investment funds managed by TDR, has confirmed this Monday that it is studying the possibility of formulating a takeover bid (OPA) for all the shares of Applus+, without for the moment having made no decision. In a communication sent to the National Securities Market Commission (CNMV) and at the request of the supervisor, I Squared and TDR state that “they have had access to certain information” provided by Applus+ and stress that, to date, they have only taken carried out “preparatory actions” on the possible takeover bid, without having adopted any decision regarding its formulation or its terms and conditions.

“There is no certainty that I Squared Capital and TDR, either individually or jointly, will make a public offer to acquire Applus+ shares,” the statement concluded. At the beginning of last May, Applus+ guaranteed the existence of “non-binding and unsolicited samples of interest” from some investors to acquire the company for a sum of more than 1,000 million euros. Among them was also the fund Apollo and Apax.

As the company explained at the time, it was requested access to a review of information, which was granted, although it assured that there was still “no type of decision on the part of any of said investors or certainty that said entities are going to make any additional performance”. Thus, from May 3 -shortly before the aforementioned announcement- until the stock market session on Friday, the Applus + shares have appreciated by 22.4%, going from 7.59 euros to 9.29 euros. This Monday they are trading in the mid-session with a decline of 1.4%.

Since the start of the war in Ukraine and the rise in interest rates, Applus+ has appeared in most of the analyst pools as a candidate to receive a takeover bid that would exclude it from the stock market. Since the announcement of the expressions of interest, the certification company has been in the crosshairs of several investment funds and has been the subject of different movements in its capital. Specifically, these have been carried out by the German asset manager DWS Investment, by the US financial institution Morgan Stanley and by the funds Nekton Global Fund Limited, Millennium Group Management and Red Wheel European Focus Master Inc.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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