Brief: CNMV Issues Statement In Relation To Competing Takeover Bids For Applus

Applus Services SA

30/04/2024 07:15

April 30 (Reuters) - Comision Nacional del Mercado de
Valores (CNMV):
    * ON MONDAY ISSUED A STATEMENT IN RELATION TO COMPETING
TAKEOVER
BIDS FOR APPLUS
    * DECIDED TO LIMIT TRANSACTIONS THAT FUNDS THAT ENTERED INTO
SALE
AND PURCHASE AGREEMENTS WITH MANZANA MAY CARRY OUT ON SECURITIES
MARKETS FROM THIS MOMENT UNTIL THE LIQUIDATION OF COMPETING
TAKEOVER BIDS
    * THESE FUNDS MAY NOT PURCHASE APPLUS SHARES AT PRICES
HIGHER THAN
MANZANA TAKEOVER BID PRICE IF THEY INTEND OR UNDERTAKE TO SELL
DIRECTLY OR THROUGH THIRD PARTIES SUCH SHARES TO MANZANA OR TO
PRESENT THEM AS ACCEPTANCES OF MANZANA TAKEOVER BID
    * THEY MAY NOT TRANSFER TO MANZANA, EITHER DIRECTLY OR
THROUGH
ACCEPTANCES OF TAKEOVER BID, SHARES THAT THEY HAVE PURCHASED ON
MARKET AT PRICES HIGHER THAN THOSE OF MANZANA TAKEOVER BID
    * THESE RESTRICTIONS WILL REMAIN IN PLACE AT LEAST UNTIL
CNMV'S
RULING ON MANZANA'S REQUEST FOR IMPROVED TAKEOVER BID AND WILL
BE REVIEWED AT TIME OF THE TAKEOVER BID
    * WARNED MANZANA THAT BOTH TERM 'SUCCESSFUL TAKEOVER BID' IN
SENSE
OF ACQUISITION OF CONTROL, AS WELL AS INCENTIVISING, ENCOURAGING
OR REQUESTING FUNDS WITH WHICH IT HAS CONTRACTS TO ACQUIRE
SHARES AT PRICES ABOVE €12.51 FROM MANZANA, COULD BE CONTRARY TO
ITS DUTIES AS OFFEROR
    * THESE INCLUDE ACTING WITHIN FRAMEWORK OF REGULATIONS IN
FORCE
AND LIMITING THEMSELVES TO COMPETING ON PRICE, THROUGH 
ESTABLISHED MECHANISMS, WHICH ENDED WITH ENVELOPE PHASE ON APRIL
26
    * ALL OF THIS COULD HAVE IMPACT ON DECISION THAT CNMV WILL
HAVE TO
TAKE ON CORRESPONDING AUTHORISATION OR REJECTION OF THEIR
REQUEST FOR IMPROVEMENT

        
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