Baron de Ley attracts EUR 109 per share takeover offer from Mazuelo
21 NOV 2018
Baron de Ley [BME:BDL], a Spanish winery, on 20 November announced that Mazuelo Holding, an investment society, had acquired a 49.6% stake in the company and launched a full takeover offer at EUR 109 per share.
What follows is a brief summary and a free translation of the Spanish-language stock exchange announcement.
Mazuelo Holdings informed that today, 20 November, it has acquired 40,790 shares of Barón de Ley, including 224 shares priced at EUR 108.50 euros per share and 40,566 shares priced at 109 euros per share.
As a result of the acquisitions, Mazuelo has reached a stake in Barón de Ley equivalent to 49.60% of its share capital and 50.17% of its voting rights, excluding treasury stock. As such, it has exceeded the threshold established by law for a compulsory takeover offer.
Mazuelo has decided to formulate an offer and has signed Caixabank today the appropriate financing contracts that guarantee the necessary financing for the takeover bid.
Mazuelo plans to promote a public offering without delisting.
The price per share of Barón de Ley share to be offered will be EUR 109 per share, subject to prior approval by the stock market regulator CNMV.
As a result of the acquisitions, Mazuelo has reached a stake in Barón de Ley equivalent to 49.60% of its share capital and 50.17% of its voting rights, excluding treasury stock. As such, it has exceeded the threshold established by law for a compulsory takeover offer.
Mazuelo has decided to formulate an offer and has signed Caixabank today the appropriate financing contracts that guarantee the necessary financing for the takeover bid.
Mazuelo plans to promote a public offering without delisting.
The price per share of Barón de Ley share to be offered will be EUR 109 per share, subject to prior approval by the stock market regulator CNMV.
Baron de Ley's market capitalisation stands at EUR 442m.
Link to original source (Register number: 271732 and 271733).
Panalpina likely to become takeover candidate after Chairman Ulber exit
Panalpina [SWX:PWTN] is more likely to become a takeover candidate following the decision of Chairman Peter Ulber to not stand for re-election in 2019, Finanz und Wirtschaft reported. The Swiss bi-weekly cited bank analysts who said Ulber's exit increases probability that Panalpina will become a takeover target, and noted that the Panalpina share price increased by up to 8% following Ulber's announcement.
Cevian co-founder Lars Förberg told the paper said he welcomes Ulber's resignation calling it the logical consequence of years of under-performance. Förberg said the board now has to take the group's new strategic direction into its own hands.
Cevian is the third largest shareholder with 12% behind Ernst Göhner Stiftung (46%), and US investment group Artisan Partners (14.5%) and has been represented on the board since 2011, first by Förberg and for the last five years by Ilias Läber, the report stated.
The original article was published today on page 6.
Stocks in Asia fell after another tumble on Wall Street, where concerns have spread to the corporate-bond market. Investors are also contending with no obvious havens, with Treasuries little changed so far this week and gold weaker.
Equity benchmarks retreated across the region though an increase in U.S. futures kept declines relatively contained. U.K. equity-index futures were higher. Oil tumbling toward $53 a barrel weighed on energy companies, while a plunge in Apple Inc.’s stock hit suppliers in Asia. All major U.S. benchmarks fell more than 1.5 percent Tuesday. The S&P 500 Index briefly slid 10 percent below its September record close before clawing back just above the threshold. Two-year Treasury yields are up slightly this week, suggesting no sea-change in views on the Federal Reserve’s path of tightening.
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After Hours Summary: FL +14%, ADSK +7%, and CAL -7% move notably following earnings/guidanceAfter Hours Gainers:
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Companies trading lower in after hours in reaction to earnings/guidance: CAL -7.1%