THE CNMV (SPANISH SECURITIES MARKET COMMISSION) AUTHORISES A TAKEOVER BID FOR A REAL ESTATE COMPANY LAUNCHED BY A REAL ESTATE INVESTMENT LISTED COMPANY.
On 30 October 2015 the Spanish Securities Market Commission (“CNMV”) authorised the Takeover Bid for the purchase of shares in TESTA INMUEBLES EN RENTA, S.A. launched by MERLIN PROPERTIES, SOCIMI, S.A. at the end of August. The bid was launched for 100% of the share capital of TESTA INMUEBLES EN RENTA, S.A., consisting of 153,967,718 shares admitted for trading on the Stock Markets of Madrid and Barcelona and integrated into the Spanish Stock Market Interconnection System. The price offered is 13.54 euros per share and it was fixed by the bidder in accordance with the fair price provisions of article 9 of Spanish Royal Decree 1066/2007, of 27 July, on the takeover bid regulation system. After the termination of the Bid acceptance period, scheduled for 16 November 2015, the Bidder can complete the real estate purchase process initiated at the beginning of June 2015 through the subscription by MERLIN PROPERTIES, SOCIMI, S.A. of a capital increase in TESTA and a purchase and sale agreement for a stake in TESTA hitherto held by its majority shareholder. This is the first time that a company governed by Act 11/2009, of 26 October, on Publicly Listed Real Estate Investment Companies has launched a takeover bid for a company that was not previously subject to that legal system.