Prisa must launch 2nd bid for Media Capital if stake passes 33.33 pct - report |
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Tue, 23 Jan 2007 09:16
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LISBON (AFX) - Promotora de Informaciones SA will have to launch a second takeover bid for Grupo Media Capital SGPS if the acceptances it wins from the first one take its current 33 pct stake to over 33.33 pct, Journal de Negocios reported without citing a source.The business daily cited an unnamed source at Prisa as saying that if it is forced to launch another bid for Media Capital, it will ask stock market regulator CMVM to appoint an independent auditor to fix the price of the new offer as it sees Media Capital's share price as not reflective of its value.Prisa's current 7.4 eur per share bid for Media Capital opens today. It was launched by the the Spanish media company at a price way below Media Capital's recent levels in response to Portuguese legislation due to come in force.The new rules would oblige Prisa to launch a bid for Media Capital anyway as it is considered as controlling more 33 pct of the company, thus triggering a mandatory offer.Prisa owns 33 pct of Media Capital and controls 45 pct of the voting rights of the company, because of agreements with chairman Miguel Pais do Amaral, who holds 5.58 pct and his ally Nicolas Berggruen, who holds 6.42 pct.Yesterday, Media Capital closed down 0.05 eur at 8.40, well above the 7.4 eur being offered by Prisa.jonathan.gleave@afxnews.comjg/anCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Prisa's 7.4 eur/shr bid for Media Capital opens today 