Categories: Business

Amber raises the value of Applus, owner of the ITV concession in Galicia, to $1.420 million.

The ISQ and TDR funds, through their joint venture Amber, have improved their public takeover bid (OPA) for Applus from €9.75 per share to €11 per share, above the €10.65 offered by its rival, US fund Apollo. Amber reported this to the National Securities Market Commission (CNMV) after learning that the Council of Ministers had decided at its meeting on January 30 to authorize without any conditions the takeover bid for the Spanish company Applus, an authorization that is required on an unconditional basis until approval of the CNMV operation.

The new price proposed by Amber values ​​Applus, the owner of the ITV concession in Galicia, at €1.420 million, some €140 million more than its original offer. This increase in the price of Amber’s takeover bid for Applus to €11 is in turn a response to an improvement in the offer recently made by its rival Apollo to €10.65 per title. Precisely, the takeover bid for Apollo received the approval of the CNMV this Friday.

Amber, which will now send the terms of its new offer to the CNMV, also informed the supervisor that it will reduce the minimum condition for accepting its takeover offer from 75% to 50% of the share capital of Applus plus one share, i.e. 64,537,067 shares of the Spanish company ITV.

Apollo’s improved offer was announced on January 24 following the announcement of the signing of share purchase contracts for Applus to acquire up to 28.2 million shares of the company, representing 21.85% of its share capital, at a price of 10.65. euros per share.

The maximum payout for this shareholding will be €300.3 million and the signing of the above-mentioned contracts implies that the price of the voluntary takeover bid for 100% of Applus shares announced by Apollo will automatically increase to €10.65 per title from the previous one. 9.5 euros.

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