Cofina, SGPS, S.A. cancelled the acquisition of Grupo Media Capital, SGPS, S.A. from Vertix SGPS, S.A., Pluris Investments, SA, ABANCA Corporación Bancaria, S.A. and others.
July 19, 2021
Share
Cofina, SGPS, S.A. (ENXTLS:CFN) offered to acquire Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) from Vertix SGPS, S.A., Pluris Investments, SA, ABANCA Corporación Bancaria, S.A. and others for €35.1 million on August 12, 2020. Cofina offered to acquire each share of Grupo Media Capital for €0.415 each. The offer is divided into two installments, one concerns 5.3% of the capital, which is the portion that is not in the hands of the PRISA or Mário Ferreira and another extends over 94.7% of the capital, exactly that of PRISA and that of the entrepreneur who owns DouroAzul. As of September 4, 2020, Vertix signed an independent agreement for the sale of its entire stake to a group of investors via block transfers. On September 7, 2020, Pluris and Vertix terminated their shareholders' agreement entered on May 14 by which they agreed neither party would be allowed to transfer its shares in media capital until December 31, 2020. On November 25, 2020, Pluris Investments, SA made a competing bis to acquire remaining 69.8% in Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) from shareholders.
The transaction will benefit from the regulatory approvals previously obtained from the competition authority and the ERC. As a condition, Grupo Media Capital's assets should not change, particularly at TVI, Plural Portugal, Plural Spain and Media Capital Rádios. The offer will be effective only if Cofina receives more than 51% of the media capital. The transaction is subject to approval from CMVM. The Board of Grupo Media Capital, SGPS, S.A. recommends shareholders to reject Cofina's offer due to the inadequate offer price with respect to the Grupo Media Capital's valuation. Guillermo Guerra Martín and Miguel Castro Pereira of Gómez-Acebo & Pombo Abogados, S.L.P. acted as legal advisors to Promotora de Informaciones, S.A. (BME:PRS), parent of Vertix SGPS, S.A.
Cofina, SGPS, S.A. (ENXTLS:CFN) cancelled the acquisition of Grupo Media Capital, SGPS, S.A. (ENXTLS:MCP) from Vertix SGPS, S.A., Pluris Investments, SA, ABANCA Corporación Bancaria, S.A. and others on July 20, 2021. The revocation of the Offer is based on the launch, by Pluris Investments, S.A., of a competing takeover bid of the shares representing the share capital of Grupo Média Capital, SGPS, S.A. As of July 20, 2021, Portuguese Securities Market Commission approved the termination of offer.
Cofina, SGPS, S.A. specializes in the publishing of newspapers and magazines in the areas of economics (Jornal de Negócios), sports (Record), general culture (Correio da Manhà, Sábado), IT (PC Guia, Semana Informatica) and other (Maxima, Vogue, Automotor, TV Guia, Rotas & Destinos, etc.). Net sales break down by activity as follows:
- publishing of newspapers and magazines (73.3%);
- operation of TV channels (26.7%): owned the channel cmTV.
Net sales break down by source of income into sales of newspapers and magazines (38.9%), sales of advertising spaces (37%) and other (24.1%).
Cofina, SGPS, S.A. cancelled the acquisition of Grupo Media Capital, SGPS, S.A. from Vertix SGPS, S.A., Pluris Investments, SA, ABANCA Corporación Bancaria, S.A. and others.
COFINA, SGPS, S.A. 
