GENERAL DE ALQUILER DE MAQUINARIA, S.A. Gestora De Activos Y Maquinaria Industrial, S.L. made an obligatory takeover bid to acquire the remaining 45.4% stake General de Alquiler de Maquinaria, S.A. (BME:GALQ) from Banco Santander, S.A. (BME:SAN) and others for €15.1 million on April 24, 2019. As reported, Gestora De Activos Y Maquinaria Industrial, S.L will offer €1 in cash per share of General de Alquiler de Maquinaria, S.A. As of July 10, 2019, CNMV agrees to set price at €1.72 per share and now deal value is €26 million. The offer does not have the purpose of excluding General de Alquiler de Maquinaria, S.A. shares from stock exchanges.
As of July 17, 2019, the offer made is guaranteed, through two bank guarantees, for a total amount of €16.19 million, which has been granted by CaixaBank S.A. Gestora De Activos Y Maquinaria Industrial, S.L. will submit application for authorization for bid to regulator within a month. As of August 8, 2019, the bid has been accepted for 24.7% of stake in General de Alquiler de Maquinaria, S.A. The acceptance period of the offer will be of 15 calendar days from the business day following the publication of the first announcement with the essential data of the operation. Also, the Board of the Spanish National Securities Market Commission (CNMV) has authorized the mandatory takeover bid on July 17, 2019.
BDO Financial Advisory acted as financial advisor to the board of directors of General de Alquiler and provided fairness opinion related to the transaction.
