Green light for the takeover bid. The board of directors of Opdenergy has given approval to the operation proposed by CGE Bidco after receiving favorable reports from Societé Generale and BBVA. Both entities have acted as financial advisors, as reported by the renewable energy company to the National Securities Market Commission (CNMV).
The operation, for an amount of 866 million euros, has already been approved by the CNMV, after the Government gave approval on January 30 to the investment of GCE Bidco, the investment company of the French venture capital manager Antin Infrastructure. Partners.
The acceptance period ends on March 15, and contemplates the purchase of 100% of the share capital of Opdenergy, made up of a total of 148,033,474 shares. The price offered by GCE Bidco to Opdenergy shareholders is 5.85 euros in cash per title, and is considered an equitable price as it is the highest paid or agreed upon by the different party for Opdenergy shares.
Conditional purchase offer
The purchase offer is conditional on the acceptance of a minimum of 111,025,106 shares, which is equivalent to 75% of Opdenergy’s capital. Opdenergy highlights that on February 27 and 28, BBVA and SG have issued, respectively, opinions in which they conclude that the offer price payable in cash “is, from a financial point of view, fair for the shareholders.” of Opdenergy”.
For now, GCE Bidco has reached agreements with several shareholders of the company to accept the takeover bid, which represents 71.19% of the capital, and for the partial reinvestment of three of them.
