I Squared and TDR confirm that they are considering launching a takeover bid for Applus

MADRID, 19 Jun. (EUROPA PRESS) -

The firm I Squared Capital, with the support of investment funds managed by TDR, has confirmed this Monday that it is studying the possibility of formulating a takeover bid (OPA) for all of the Applus shares, without for the moment having made no decision.

In a communication sent to the National Securities Market Commission (CNMV) and at the request of the supervisor, I Squared and TDR state that "they have had access to certain information" provided by Applus and stress that, to date, they have only taken carried out "preparatory actions" on the possible takeover bid, without having adopted any decision regarding its formulation or its terms and conditions.

"There is no certainty that I Squared Capital and TDR, either individually or jointly, will make a public offer to acquire Applus shares," the statement concluded.

The newspaper 'Expansión' published last Friday that the I Squared fund was finalizing an offer for Applus for around 2,000 million euros, at a rate of 9.5 euros per share, and that it would be negotiating the support of the British fund TDR Capital to take out the operation.

This information led Applus shares to rise 4.85% on the stock market on Friday, to close at 9.29 euros per title.

At the beginning of May, Applus confirmed the existence of "non-binding and unsolicited samples of interest" from some investors to acquire the company for more than 1,000 million euros.

As the company explained at the time, it was requested access to a review of information, which was granted, although it assured that there was still "no type of decision by any of said investors or certainty that said entities are going to make any additional performance".

Thus, since May 3 -shortly before the aforementioned announcement-- until the stock market session on Friday, Applus shares have risen in value by 22.4%, going from 7.59 euros to 9.29 euros .

Since the start of the war in Ukraine and the rise in interest rates, Applus has appeared in most of the analyst pools as a candidate to receive a takeover bid that would exclude it from the stock market.

Since the announcement of the expressions of interest, the certification company has been in the crosshairs of several investment funds and has been the subject of different movements in its capital.

Specifically, these have been carried out by the German asset manager DWS Investment, by the US financial institution Morgan Stanley and by the funds Nekton Global Fund Limited, Millennium Group Management and Red Wheel European Focus Master Inc.