Masdar’s public offer for the remaining 29.57% of TERNA ENERGY’s shares listed on the Athens Stock Exchange is positioned at the upper end of the company’s valuation.
This conclusion was reached by TERNA ENERGY’s Board of Directors, as outlined in its reasoned opinion, which was made public by the Athens Stock Exchange.
TERNA ENERGY’s Valuation Range
TERNA ENERGY’s Board of Directors took into account the report from its financial advisor, AXIA, which determined that the company’s valuation ranges between €11.9 and €21.5 per share.
According to the report, “Based on the results of the methods used to assess the Offered Consideration (€20 per share) in the context of the Public Offer by the Offeror, it is determined that the Offered Consideration falls within the valuation range, specifically at its upper limits. Therefore,” the Board concludes in its reasoned opinion, “the offered consideration of €20 per share is at the upper end of the valuation range, as determined in the report.”
Additionally, Masdar’s offer price exceeds the weighted average stock price of the six months preceding the obligation to submit a public offer by 3.5%, which stood at €19.32 per share.
Delisting from the Athens Stock Exchange
As stated in TERNA ENERGY’s Board of Directors’ reasoned opinion, if Masdar acquires 100% of the shares (118,355,090 shares), the Offeror will request a general meeting of shareholders to propose the delisting of the company’s shares from the Athens Stock Exchange.
It is noted that as of January 30, Masdar held 88.89% of TERNA ENERGY’s shares.
Masdar’s Business Plans for TERNA ENERGY
According to the Board of Directors of the listed company, Masdar’s business plans, as outlined in the information memorandum, aim to strengthen TERNA ENERGY’s existing business strategy and objectives. The intention is to establish the company as one of the key regional platforms in Southeastern Europe.
Furthermore, the Board adds: “The public offer is not expected to have negative effects on labor relations or the number of employees of the company and its subsidiaries, provided that no significant changes occur in market and economic conditions.”
Source: tovima.com
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