New offer for EDPR can be registered before CTG’s takeover
MFS, one of EDPR's main shareholders have sent a letter on behalf of their clients, concerning CTG's PTO. CMVM clarifies that a new takeover bid to EDPR can be registered before the chinese offer.
CMVM admits that a new public tender offer (PTO) can be registered ahead of CTG’s takeover bid. The clarification comes as a reply to an inquiry coming from EDPR itself on the 3rd of July. On the 29th of June, MSF, one of EDPR’s main shareholders, sent an open letter sharing the same concerns.
Massachusetts Financial Services (MFS), one of EDPR’s main shareholders, has sent an open letter on behalf of their clients, concerning the public tender offers (PTO’s) made by China Three Gorges to EDP and EDPR.
"MFS is concerned that these pre-conditions to the launching of the EDPR Offer could result in prolonged uncertainty surrounding the EDPR Offer calendar that may hinder or discourage the launch of potential competing offers for EDPR.”
Manso Neto’s renewable energies company has also sent an inquiry to the financial markets regulator, demanding to know if a second bid could be announced for the acquisition of the total shareholding of the company; EDPR asked the regulator if this second offer would be given priority over the first one in any circumstances.
CMVM’s final argument is that the PTO which meets all the necessary preconditions can be registered ahead of CTG’s offer, indicating there is no legal barrier against it. The main criteria for determining the “winner” will be the speed of each process. If the second bidder is able to meet conditions first, he’ll have priority.
