Spain greenlights Apollo's bid for Applus Services
29/12/2023 15:56
Dec 29 (Reuters) - Spain's cabinet has given American
buyout firm Apollo the green light to take over industrial
testing company Applus Services APPS.MC without conditions,
Apollo's investment vehicle said on Friday in a filing to stock
market regulator CNMV.
The decision followed a favourable report by the country's
Foreign Investment Board, Manzana Spain Bidco - which is fully
owned by Apollo - said in the regulatory filing.
Apollo made a cash bid for Applus in June at 9.50 euros
($10.51) per share, valuing the company at 1.23 billion euros.
But in September, Amber - a vehicle of infrastructure fund I
Squared Capital Advisors and TDR Capital - offered to pay 9.75
euros per share, valuing Applus at 1.26 billion euros and
triggering a possible bidding war.
At the time, Applus' board issued a favourable opinion on
Amber's offer, which has yet to be authorised by the CNMV.
CNMV said it first needed to assess Apollo's bid before
processing Amber's offer.
In Spain, takeover bids by foreign investors need to be
approved both by the CNMV and the government.
($1 = 0.9038 euros)
(Reporting by Tiago Brandao; Editing by David Latona, Kirsten
Donovan)
((Tiago.Brandao@thomsonreuters.com;))