The National Securities Market Commission (CNMV) has evaluated the public acquisition offer (OPA) of Amber EquityCo – a company formed by the ISQ and TDR funds – for the Spanish company Applus+.
The supervisor agrees to “authorize the voluntary public offer to acquire shares of Applus Services presented by Amber EquityCo on September 14, 2023 and admitted for processing on February 16, 2024, considering its terms adjusted to the current regulations and consider the content of the explanatory brochure presented after the latest modifications registered on March 15, 2024 to be sufficient,” it said in a statement.
Voluntary offer
The organization has recorded that the price of Amber’s offer is 11 euros per share and that, although it is not precise because it is a voluntary offer, it is considered “sufficiently justified for the purposes of the provisions of article 110 of the Law 6/2023, of March 17, on Securities Markets and Investment Services and in articles 9 and 10 of Royal Decree 1066/2007, of July 27, on the regime of public offers for the acquisition of values”.
In this sense, the CNMV has taken into account in its analysis of Amber’s proposal the valuation report presented by the joint venture of ISQ and TDR and concludes that the price offered “is justified.”
In this way, the CNMV has already authorized both the takeover bid for Applus+ proposed by the Apollo fund -through its investment vehicle Manzana España Bidco-, whose initial offer was 9.5 euros per share and which was later raised to 10, 65 euros, like Amber’s counter-bid, which was initially 9.75 euros and then increased to 11 euros per share.
