The group controlled by the Azevedo family announced on Wednesday a Takeover Bid (OPA) worth €2.5 per share on 11.6% of the capital that Sonae does not control.
Sonae intends to delist Sonaecom from the national stock exchange. For this, the group controlled by the Azevedo family announced on Wednesday a Takeover Bid (OPA) worth €2.5 per share on 11.6% of the capital that Sonae does not control, says the company in a statement sent to CMVM.
“The consideration offered is €2.50 per share, which makes up a premium of 25% over yesterday’s share price and 32.6% compared to the weighted average of the last six months,” Sonae said in a statement, adding that payment will be made in cash.
If the takeover bid is confirmed by the CMVM and then accepted by shareholders, Sonae will have to pay around €90 million to become the controlling shareholder of Sonaecom.
According to the shareholder structure of the technology company, the Azevedo family owns 88.36% of Sonaecom’s capital through Sonae SGPS and the Dutch company Sontel.
Sonaecom’s shareholder structure also has Discerene as a qualifying shareholder, which since July 19, 2019, has held 2.79% of the company’s capital.
In the event of the takeover bid exceeding the participation of 90% of the voting rights, Sonae says it “will resort to the squeeze-out mechanism, resulting in the shares being excluded from trading on the market.”
According to the company, the takeover bid aims to allow for “the exclusive control” of Sonaecom by Sonae and “will allow for greater efficiency and flexibility in the operational management of the businesses owned by Sonaecom and to explore new opportunities to develop its portfolio,” Sonae refers in a statement.
The takeover bid’s announcement comes after this Wednesday, at 13h27, the CMVM suspended Sonaecom shares when the securities were up 3.5%, and the trading volume was well above the average values registered in recent sessions.