End to the soap opera Naturgy. The public acquisition offer (takeover bid) of the IFM fund has narrowly exceeded the minimum threshold of 10% that had been imposed to proceed with the operation. The percentage of acceptance of the takeover bid has been 10.83%, result that supposes an ax blow for the aspirations of IFM that, after the uncertainty of the last weeks, failed to balance the numbers for two council seats.
The ‘free float’ case with which Naturgy reached the key date, last Friday, had led IFM to make more flexible, unofficially, the volume of acceptance necessary to proceed with the transaction. Thus, the pension fund expanded the scope of its offer, by up to 22.65% of the company’s capital, lowering the minimum threshold of 17% that was initially imposed to 10%, which was approved in the opa brochure by the supervisory body on September 8.
IFM has communicated this Thursday to the market that “it has decided to waive the minimum acceptance condition” of 17% that was initially marked
This Thursday, the pension fund has officially communicated this downward swing to the market. “The bidder communicates that today he has decided waive the minimum acceptance condition in the terms described in the prospectus (of takeover bid) and, consequently, acquire all the shares that have been offered “, reads the statement that they have sent this noon to the CNMV.
Just before announcing the final result of the offer, the supervisor suspended Naturgy’s listing at 1:55 p.m., with the idea that their titles would be quoted again after 3 pm. At that time, Naturgy shares had a market value of 23.02 euros, above the price of the takeover bid, after experiencing increases of 0.31%.
The presiding body Rodrigo Buenaventura collected, by the set of entities mandated by IFM headed by Santander Bank, at the end of this Wednesday the final percentage of Naturgy’s capital that attended the takeover bid, set at a price of 22.07 euros per security. The deadline set by law to deliver to the CNMV total values included in the declarations of acceptance presented is of five business days from the end of the acceptance period. The weekend and the holiday of Columbus Day lengthened the uncertainty.