The CNMV approves the improvements and extends the time of acceptance

Today the National Commission of the share market (CNMV) has approved the two best results that were introduced by the Italian groups Caltagirone and Marchini in the Public Supply of Acquisition of shares (OPA) launched about Metrovacesa and they have also informed about the general organism of the markets. Also then the CNMV decided to extend the time of acceptance of five days for the tender, that will stay fixed for the next 15 of April, in order that the shareholders will have sufficient time to value the improvements of the tender.

After the acceptance of the CNMV to these improvements, the Italian OPA will affects to 65.55 million of the representative shares of the one hundred percent of the Spanish real estate capital, as opposed to the percentage of the 75 percent of the shareholder to whom initially it was directed.
In this way, the credit loan in metal supplied by both Italian groups will stay at 27 euros per share, 8 percent higher than the 25 euros initially proposed by title. However, Caltagirone and Marchini have finally chosen to maintain a minimum percentage of acceptance to which they commit themselves in order to succeed and obtain the tender; at least the 50 percent of the share capital of the company. Once the improved OPA has been accepted by the CNMV, the management of Metrovacesa will have to summon a meeting in the next five days in order to deliberate and to submit a report about the OPA afterwards.

Source: Metrovacesa

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