The governing company of the Swiss stock exchange, SIX Group, has launched a public tender offer of 2,842 million euros for Spanish Stock Exchanges (BME), as reported to the National Securities Market Commission (CNMV).
Although for the manager of the Spanish markets this friendly economic offer is reasonable, in parallel it holds conversations and negotiates his possible sale to the European manager Euronext, so that the possibility in the next weeks it throws his own bid cannot be ruled out.
The BME titles, which have quoted around 25 euros throughout the year, falling to 20.5 euros last spring, shot up 37.36% in the stock market in mid-session, reaching prices above the price of the takeover. Given the absorption of BME by SIX, we would be talking about the creation of the third European stock exchange manager, after Deutsche Börse and London Stock Exchange (LSE), at a time when there is a consolidation of the market.
Reasonable offer
The proposals offered by SIX, are subject to the acceptance of at least 50% of the share capital of Bags and Markets, contemplating a price of 34 euros per BME share which implies a total price of 2,842 million euros. Accordingly, the Swiss group expresses in its statement that if the transaction closes after December 24 this year, that offer will be reduced to 33.4 euros per share and BME will pay a 2019 dividend of 0.6 euros per share to its shareholders, which represents a 34% premium on closing last Friday.
For its part, the company directed by Javier Hernani, believes that this offer “could reasonably collect the current value from a financial point of view of the businesses that BME currently manages.”
K.Villarroel
Source: abc
