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The Portuguese group Bondalti launches a voluntary takeover bid for Ercros for 329.2 million euros

It offers 3.

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The Portuguese group Bondalti launches a voluntary takeover bid for Ercros for 329.2 million euros

It offers 3.6 euros for each share of the Spanish company, with a premium of 40.6% over the price at which the Ercros titles closed yesterday


The Portuguese group Bondalti has announced the launch of a voluntary takeover bid for 100% of Ercros at 3.6 euros per share, which means valuing the entire Spanish company at 329.17 euros. millions of euros.

The price offered by Bondalti implies a premium of 40.6% over the price at which Ercros shares closed yesterday (2.56 euros) and 51.3% over the weighted average trading price of the last month, as explained the Portuguese group in the request that it has sent to the National Securities Market Commission (CNMV) for the takeover bid to be authorized.

The price of the offer, which is aimed exclusively at the Spanish market, will be paid in cash in its entirety. The Portuguese group, which has launched this takeover bid through Bondalti Ibérica, based in Barcelona, ​​has assured that it has the debt commitments and own resources necessary to meet the consideration for the offer.

In any case, in order to guarantee payment of the consideration offered, Banco Santander will issue a bank guarantee upon first request for an amount of 329.17 million euros, which will be presented to the CNMV within the maximum period provided by law.

The offer price will be reduced by an amount equivalent to the gross amount per share of any distribution of dividends, reserves or share premium, or any other distribution to shareholders made by Ercros from the date of this request for authorization.

The Portuguese group considers that the offer price meets the requirements to be considered an "equitable price." To this end, it will provide a valuation report prepared by Kroll Advisory as an independent expert to justify it.

The offer is conditional on achieving acceptance of more than 75% of the capital and obtaining all relevant regulatory and government authorizations.

Once the transaction is completed, Bondalti will maintain the company's headquarters in Barcelona, ​​as well as employment and presence in the communities in which Ercros operates (Catalonia, the Valencian Community, Aragon and the Community of Madrid). In this sense, Bondalti has assured that he has "full confidence" in the work carried out by the Ercros management team.

Bondalti's objective, once the operation is completed, is to promote the exclusion of Ercros shares from trading on the Stock Exchanges.

Bondalti is a Portuguese industrial group with roots in Spain for more than 20 years and has the financial backing of the Grupo José de Mello family group, with a historical legacy of more than 120 years, 1,255 million euros in turnover in 2022, 2,400 million euros in assets and more than 14,800 people.

The family group, one of the most important in Portugal, has a solid shareholder base and has been making long-term investments for several generations.