CaixaBI: CaixaBank have to review the conditions of the offer to BPI to succeed
CaixaBI believes that CaixaBank will need to review the conditions of the offer or change the initial requirements for the offer to succeed. The actions follow the BPI suspended, waiting for relevant information.
The BPI shareholders decided to plumb the deshielded statutes of the bank, vetoing one of the requirements demanded by CaixaBank to its tender offer to succeed. To CaixaBI, the Spaniards will now have to rule. Or change the conditions of the offer, or amend the minimum requirements for success.
“After yesterday’s decision, and under penalty of the tender offer does not succeed, the CaixaBank must now decide” says the analyst of CaixaBI André Rodrigues, in a comment to the events of last Wednesday. BPI shareholders vetoed the deshielded statutes of the bank, one of the conditions required by CaixaBank to carry out the takeover bid worth 1,329 euros for the shares of BPI.
For the investment bank, they have two exits CaixaBank. Or alter the original terms of the offer, which may imply a price revision offered by the BPI bonds. Or change “the minimum requirements for success, focusing its effectiveness only one criterion, that of achieving greater than 5.9% acceptance of BPI’s share capital so that their participation exceeds 50% upon completion supply “.
CaixaBI, which reiterated price target of 1.25 euros for the shares of BPI and the recommendation” neutral “considers it unlikely that the Spanish are able to overcome 50% of the capital BPI, “in that the alignment of economic interest and voting rights have been one of the main reasons for submitting the offer.”
Although the future of the OPA be an uncertainty, André Rodrigues analyst recalls even if CaixaBank decide to continue with the offer will have additional approvals for its implementation.
“The European Commission approved the transaction in early May, and according to press the bank still needs the approval of the ECB, the Central Bank of Angola and regulators of insurance areas, “the same analyst.
The BPI shares were suspended by the CMVM this morning, with the regulator awaiting disclosure relevant information, following the recent events surrounding the institution.
After the lead of deshielded statutes, the CaixaBank is shrouded in silence, while Angolan businesswoman Isabel dos Santos has been prepared to work on creating solutions to the bank.
Before the suspension, shares of BPI were rising 1.86% to 1.259 euros, after yesterday have slipped over 6% due to lead the deshielded statutes. The current value of the shares is 5.2% below the consideration offered by CaixaBank.
No comments:
Post a Comment