Brief: Iberdrola Launches Bid To Acquire 18.4% Of Avangrid

Avangrid

07/03/2024 07:59

March 7 (Reuters) - Iberdrola SA  IBE.MC :
    * ANNOUNCEMENT OF SUBMISSION OF A NON-BINDING INDICATION OF
INTEREST REGARDING THE ACQUISITION OF ALL OF THE SHARES OF
COMMON STOCK OF AVANGRID NOT OWNED BY IBERDROLA
    * LAUNCHES BID TO ACQUIRE 18.4% OF ITS US SUBSIDIARY
AVANGRID
    * COMPANY IS OFFERING $34.25 PER SHARE, AN APPROXIMATE 10%
PREMIUM
TO THE WEIGHTED AVERAGE PRICE OF THE LAST 30 DAYS
    * NO FUTURE ADJUSTMENTS WILL BE MADE TO THE CONSIDERATION
OFFERED
IN THE EVENT THAT AVANGRID DISTRIBUTES DIVIDENDS PURSUANT TO ITS
NORMAL POLICY
    * AGGREGATE CONSIDERATION PAYABLE BY IBERDROLA IN THE
PROPOSED
TRANSACTION WOULD AMOUNT TO ABOUT USD 2.49 BILLION
    * EXECUTION OF A DEFINITIVE AGREEMENT REGARDING THE PROPOSED
TRANSACTION IS SUBJECT TO THE COMPLETION OF CONFIRMATORY DUE
DILIGENCE
    * ALSO, CONSUMMATION OF PROPOSED TRANSACTION WILL BE SUBJECT
TO
CERTAIN CONDITIONS PRECEDENT CUSTOMARY FOR TRANSACTIONS OF THIS
NATURE

Source text for Eikon:  ID:nCNM2HBVzH 
Further company coverage:  IBE.MC 

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