I Squared and TDR urged to raise Apollo’s bid for Applus


News Team

I Squared and TDR have launched a ‘counter bid’ to compete with the American fund Apollo for control of the ITV company Applus. However, they must improve the price offered by Manzana Spain BidCo (an Apollo vehicle) to continue the offer. The National Securities Market Commission (CNMV) stated that the offeror must formally communicate if it continues with its competing offer, and if so, it must improve the price. The intention of the bidders is to reduce the minimum acceptance condition of their competing offer to 50% of the share capital of Applus plus one share. After the authorization of the competing offer by the CNMV, an acceptance period of 30 days will be opened, at the end of which bidders must present the final price of their improved offers to the stock market supervisor.

I Squared and TDR announced this week that they are reconsidering the price they offer for each Applus share once Apollo raised its price to 10.65 euros. Apollo Global Management sealed an agreement to acquire up to 28.2 million shares of the company, which represent 21.85% of its share capital, and raised the price of its takeover bid to 10.65 euros per share, compared to the 9.5 euros offered in the initial announcement on June 30. Apollo’s new price implies that the fund undertakes to pay up to 300.37 million euros to acquire these shares.

On January 17, the National Securities Market Commission (CNMV) authorized Apollo’s takeover bid for 100% of the Spanish certification and testing company. The competing offer from I Squared and TDR, also for 100% of Applus, had been launched at a price of 9.75 euros per share.

The competing bids for Applus are creating a race to acquire the company, with each bidder vying to offer the best price. The decision by I Squared and TDR to reconsider their price indicates the intense competition in the market. The final outcome will depend on the improved offers presented to the stock market supervisor after the acceptance period. The future of Applus remains uncertain as the competing bids continue to evolve.

Image Source: www.infobae.com

Business, Finance, Technology

Leave a Comment