EDP's shares ended this Monday's session with a 9% increase, surpassing the takeover bid value. In a day, the market value increased 1.1 billion euros, with investors betting on a price revision.
EDP’s shares maintained an upward tendency since the beginning of the session and at the end it was increasing 9.32% to 3.40 euros, surpassing the amount offered by China Three Gorges — 3.26 euros in the takeover bid announced last Friday. EDP’s subsidiary, EDP Renováveis, who was also subject to an offer, ended with an almost 3% increase.
With this Monday’s valuation, EDP earned 1.1 billion euros in market recapitalization in just one day, standing 4.29% above the takeover bid from the Chinese.
China Three Gorges launched a takeover bid for the total amount of EDP’s capital, offering 3.26 euros per share, a 4.8% prize in comparison to the end of the last session before the takeover bid, of 3.11 euros. In the first reaction to the offer, shares surpassed the consideration, which reveals that investors see more value in the electricity company.
The same performance was seen in EDP’s subsidiary, EDP Renováveis, which ended the session with a 2.68% valuation to 8.055 euros, the amount that is comparable to the 7.33 euros offered in the Chinese takeover bid. The company headed by Manso Neto touched historic maximums during the session, above the 6.75 euros offered in EDP’s takeover bid last year, as well as the initial offering — 8.00 euros.