Key Masmovil shareholder accepts KKR, Cinven, Providence takeover bid

News General Spain 10 SEP 2020
Key Masmovil shareholder accepts KKR, Cinven, Providence takeover bid

The third largest shareholder of Spanish operator Masmovil, the Indumenta Pueri holding of children’s fashion brand Mayoral, has finally decided to accept the takeover bid by three US funds, said Masmovil in a bourse filing. Mayoral's commercial director Rafael Dominguez had previously rejected the EUR 3 billion offer from KKR, Providence and Cinven as undervaluing the company but has now pledged to tender all of Indumenta Pueri’s shares, said the filing. It currently has an 8.25 percent stake in the operator, with the holders of another 30 percent of the company previously committing to accept the EUR 22.50 a share offer.

Masmovil’s shareholders have until 11 September to accept or reject the offer, which is now expected to succeed in spite of protestations by smaller shareholders AllianceBernstein (2.2%) and Polygon (1%). The purchase of Spain's fourth-largest operator would mark the first attempt by private equity investors to buy a publicly listed company in Europe in a take-private deal since the start of the coronavirus crisis.


 

Categories:

General

Companies:

Masmovil

Countries:

Spain

Tags:

Shareholders & subsidiaries, M&A buyouts & divestments

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