FCC shareholders Koplowitz and Soros told any shareholder pact would require full takeover offer – report (translated)
FCC shareholders Esther Koplowitz and George Soros have been told any shareholder pact they sign will require the launch of a takeover bid, El Confidencial reported yesterday, 16 November.
The CNMV, the Spanish market regulator, has reportedly opposed a plan drawn up by the parties to enter into a shareholders’ agreement that would, in effect, protect FCC from any hostile takeover bid, the report said, citing people with knowledge of the situation.
If the shareholders go through with the plan, they will be required to launch a full takeover offer at a significantly higher price than FCC’s current share price so as not to prejudice the interests of minority shareholders, the report said.
It was reported on 14 November that Soros had reached an agreement with B-1998, Koplowitz’s investment vehicle, to begin exclusive talks to acquire Koplowitz’s subscription rights in a share sale.
Source El Confidencial