Portugal's Securities and Exchange Commission (CMVM) announced the appointment of an independent auditor to set the minimum price Meo must pat for the minority shares in Media Capital. In a statement, the CMVM said the limited liquidity of Media Capital's shares justified the decision, as recent trading is not enough to come to a fair price.
Meo agreed in July to buy 94.7 percent of the broadcaster from Prisa. In accordance with Portuguese securities law, the company must launch a mandatory offer for the remaining 5.3 percent of Media Capital traded on the stock market.
Most often the buy-out price is based on an average closing price in the months preceding the takeover bid. Meo's parent Altice has said the bid for minority shares will be based on the final price paid to Prisa, which depends on Media Capital's debt and cash position at closing.
