The CNMV authorizes Inocsa’s takeover bid for Grupo Catalana Occidente
The Council of the National Securities Market Commission (CNMV) agreed this Wednesday to authorize the Inocsa takeover of Grupo Catalana Occidente (GCO) according to the latest proposal presented last week of 49.75 euros per share75 cents more than the previous offer.
The supervisory body considers the explanatory brochure of the offer addressed to 100% of the group’s share capital to be in compliance with current regulations and sufficient, of which now Inocsa is the majority shareholder with 62.03%.
The offer for 37.97% of the remaining capital has a consideration of 49.75 euros per share in cash or, alternatively, the exchange of one class B share of new issue of Inocsa for every 43.9446 titles of Grupo Catalana Occidentefor a maximum of eight million shares.
According to the CNMV, although it is not necessary because it is a voluntary offer, the consideration for the offer is considered sufficiently justified in accordance with the regulations.
The CNMV will inform the deadline for acceptance of the offer when Inocsa publishes the first of the planned announcements to continue carrying out the takeover bid.
