Fersa attracts final offers from Springwater, Audax and Oaktree; low bids may trigger hostile move
Fersa, the listed Spanish renewable-energy company, has attracted final offers from the fund Springwater, the Spanish electricity trader Audax and the PE firm Oaktree, according to a report in Expansion that did not cite any sources.
Swiss-based Springwater is bidding in alliance with Texas Pacific Group (TPG), the Spanish-language business paper said. Fersa has also attracted the interest of the funds Abac, Cerberus and First Reserve, according to the report.
The offers tabled for Fersa are at EUR 0.45 per share, which would value 100% of the company at EUR 63m, Expansion went on to say. The price per share offer is 6% below the listed Spanish renewable-energy company’s stock value at closing of Friday 6 May, the paper noted. Fersa's management board considers such offers insufficient and values the company at EUR 0.8 per share or EUR 110m in total, a difference of opinion that could trigger a hostile takeover bid, according to the report.
In 2015, Fersa reported an EBITDA of EUR 17.72m, up 17% compared to a year earlier, over sales of EUR 28.82m, up 10.4%, Expansion noted. The company posted losses of EUR 53.45m.
Fersa’s capital is very fragmented: the Spanish holding Enhol is its main shareholder with a 22% stake and all other shareholders own stakes below 10%, the report said. Among the minority shareholders is the Spanish construction group Comsa, which holds 7.5%, Expansion said.
Expansion