spot_img
Sunday, May 26, 2024

ECIJA advises FCC on its €284m takeover bid for Metrovacesa

Fomento De Construcciones y Contratas (FCC) has launched an offer to buy 24% of Metrovacesa SA for €284 million, €7.8/share, cum dividend, in cash (implied EV €1,271.7 million)

-

ECIJA is advising Fomento de Construcciones y Contratas (FCC) in relation to the partial voluntary public takeover bid (PTB) made by FCyC, a company of the FCC group, for 24% of Metrovacesa’s shares for a total amount of €284 million.

The offer represents 19.4 EV/22e EBITDA, and a whopping c. 50% discount to NAV. Reference shareholders (Santander and BBVA) own 70.21% of Metrovacesa. Gross spread is 3.5%.

Metrovacesa shares jumped 16% on Wednesday morning to 7.51 euros, just below the 7.8 euros offered by FCC.

The offer price represents a 20% premium over Tuesday’s closing price, Spanish lender Bankinter said in a note to clients. Shares in Metrovacesa’s rivals may also rise on Slim’s move, Bankinter added.

Santander and BBVA, which together own about 70% of Metrovacesa according to Refinitiv Eikon data, are unlikely to sell at 7.8 euros, JBCapital analyst David Gandoy said in a report.

The offer is made exclusively in the Spanish market, the only market in which Metrovacesa shares are listed, and is addressed to all holders of Metrovacesa shares, regardless of their nationality or residence.

ECIJA is advising FCC with a team made up of partners Alberto Alonso, Antonio Roncero and Miguel Sánchez.

- Advertisement -spot_img
- Advertisement -spot_img

MOST READ NEWS

Clifford, Linklaters advise on Real Madrid strategic agreement with Sixth Street and Legends

The Board of Directors of Real Madrid C.F. at its meeting yesterday ratified an agreement with Sixth Street, an investment firm, and Legends, a...

Andersen promotes five partners, two of them equity

These promotions are in line with the firm's strategy of promoting professional careers in the firm, as well as the projection of younger professionals...

KPMG Abogados advises Miura Partners on the acquisition of GasN2

GasN2 was founded in 2009 and is based in Sentmenat (Barcelona). GasN2 designs, manufactures and markets energy-efficient industrial equipment for a wide variety of...
spot_img
spot_img
spot_img
spot_img
- Advertisement -spot_img
error: