The US fund manager Southeastern Asset Management (SAM) has reduced its stake in Applus+ to 1.94%, which is 3.2 percentage points less than the 5.14% it previously owned, according to company records. National Securities Market Commission (CNMV). This move occurs shortly after the public takeover bid (OPA) launched on September 14 by the ISQ and TDR funds – through their joint venture Amber – for all of the shares of Applus+ at a price of 9.75 euros.
However, this proposal has been suspended by the supervisor until it studies the offer previously raised by the Apollo fund, which offers 9.5 euros per share in cash. Southeastern Asset Management’s share package is made up of 2.5 million Applus+ shares, whose current market value is around 24.9 million euros. In that sense, the American fund manager had a 15.62% stake in Applus+ in July 2016, however, as of June 2018 it reduced its weight below 10% and since then its share package was varying up to the 5.14% it had before the last movement made.
Applus+ shares were trading around the mid-session at 9.04 euros, so compared to the market close on June 29 – the day before the Apollo takeover bid – the certification company’s shares were have revalued more than 6.5%. Likewise, compared to September 19, 2022, when Applus+ shares closed at 6.49 euros, the company’s shares have appreciated by almost 53.15%. The certification company has been in the polls for months to be ‘opped’, rumors that have accentuated the changes in its shareholding, which is characterized by being atomized.
The sale of securities by Southeastern coincides with the increase in JP Morgan’s participation, which has multiplied almost tenfold since last July to 9.6%. In this way it becomes the main shareholder along with Morgan Stanley, which in less than a week goes from controlling 6.6% to 7.2%, Barclays (4.8%) and DWS (4.8%), among other funds.