The National Securities Market Commission (CNMV) announced this Wednesday that it admits to processing the public acquisition offer (takeover bid) for 100% of the Ercros chemical company launched by the Portuguese group Bondalti. Specifically, the regulator has verified that the brochure and documents attached to the authorization request submitted on March 5, as well as the complementary documentation that was sent to it a few days later, comply with current regulations.
In any case, the CNMV has announced that this admission of the application for processing does not imply a ruling on the resolution relating to the authorization of the offer, or any of its terms and conditions. Thus, it points out that the acquisition resulting from the offer “is subject to the provisions of article 7 bis of Law 19/2003, of July 4, on the legal regime of capital movements and economic transactions abroad.” .
In accordance with article 26.2 of Royal Decree 1066/2007, “the CNMV will not authorize the offer until the required prior authorization referred to in said Law is obtained.” Bondalti Ibérica, a subsidiary of the Portuguese chemical company Bondalti, launched a voluntary takeover bid for all of Ercros’ shares on March 5 at a price of 3.6 euros per share, which represents nearly 330 million euros. euros. The offer, which will be met entirely in cash, represents a premium of 40.6% over the trading price at market close the day prior to its presentation.
