Overview
- The voluntary offer targets 100% of Ercros’ 91,436,199 shares to be purchased entirely in cash.
- Completion requires acceptances representing more than half of voting rights, which equates to at least 45,718,100 shares given no treasury stock.
- Payment is backed by bank guarantees from Banco Santander (€269.2 million) and BBVA (€60 million).
- Spain’s competition watchdog cleared the deal in October with commitments, and the market regulator has now authorized the bid after reviewing the prospectus.
- Bondalti says it will seek a squeeze-out if legal thresholds are met or pursue a delisting offer otherwise, as Ercros contends with reported losses and lower revenue.