On Monday, the National Securities Market Commission (CNMV) reported that 70.65% of Applus shareholders have accepted the public offer for the acquisition of shares (OPA) launched by funds ISQ and TDR for 100% of the company. This represents a significant portion of the total share capital of Applus, with 91,188,306 shares being accepted.
The takeover bid for Amber, a joint venture of ISQ and TDR, was successful as it exceeded the minimum acceptance limit set by the funds. The offer was valued at 12.78 euros per share, resulting in a total operation amount of 1,165.4 million euros for 70.65% of Applus.
ISQ and TDR’s offer had the support of Applus’ board of directors, and they are now seeking a seat on the company’s decision-making body at the upcoming shareholder meeting on June 27. It remains to be seen how Apollo will proceed with its stake in the company after these developments.
In related news, Apollo had previously withdrawn its takeover bid for 100% of the company in favor of the higher offer by ISQ and TDR. The acceptance period for the takeover bid ended on June 4, and it was conditional on a minimum of 50% of the capital being accepted.
Overall, this development marks a major shift in ownership control for Applus and could have significant implications for its future direction and strategy.
