Realia to be excluded from small cap index from 27 July as Soros and Slim public tenders weighed
Realia will be excluded from the Ibex small cap index from 27 July as a temporary measure while public tenders from Carlos Slim and from George Soros’ controlled vehicle Hispania are weighed, Cinco Dias reported.
Both offers are for up to 100% of the company’s equity. Moreover, both offers fall below the current Realia share price. Slim is offering EUR 0.58 per share, a price 18% higher than that of Soros’ Hispania vehicle, the report said.
Hispania’s offer, however, has the support of Realia’s largest creditors: Fortress, King Street and Goldman Sachs. The three funds hold EUR 790m of the EUR 1bn debt load of the company, the report noted.
The Slim offer was made via Carso Inmobiliaria, as reported.
Cinco Dias, previously reported intelligence