Applus' board favours Amber's takeover bid over Apollo's
04/04/2024 08:28
April 4 (Reuters) - Applus' board of directors has
issued a favourable opinion on the takeover bids launched by
funds Apollo and Amber, but prefer the latter as the offer price
is higher, the Spanish company said in a filing with stock
market regulator CNMV.
The takeover bidding war for industrial testing firm Applus
started last summer when buyout fund Apollo and its rival Amber,
a vehicle of infrastructure fund I Squared Capital Advisors and
TDR Capital, filed a tender offer for the Spanish company.
Both funds have improved their offers and Amber has ended up
offering 11 euros per share while Apollo's bid amounts to 10.65
euros a share.
Apollo also bought a 22% stake in Applus in January.
All directors holding shares in Applus stated in the filing
late on Wednesday that their current intention was to accept
Amber's takeover bid and only in the absence of it, Apollo's
offer.
"However, the directors reserve the right to reconsider
their intention should circumstances change", the company added.
Applus' shareholders have until April 24 to accept or reject
any of the offers.
CNMV has already authorised both takeovers.
TDR declined to comment, while Apollo, Amber and I
Squared were not immediately available for comment.
Applus shares were flat at 11.44 euros at Thursday's market
opening, almost 5% above the price offered by Amber.
(Reporting by Matteo Allievi, editing by Joan Faus and Emelia
Sithole-Matarise)
((matteo.allievi@thomsonreuters.com;))