The shares of GAM (General Equipment Rental S.A.) have depreciated on Thursday 25.87%, although its collapse has little to do with the fateful day that the Stock Exchanges have lived. The unusual activity of the company in the continuous market – with a volume of more than 320,000 operations, when the daily average exceeds nearly 11,000 – has to do with the OPA, known at the close of Wednesday, that the businessman Francisco J. Riberas has launched on the company. The GAM titles have started the day at 1.72 euros and closed it at 1.27.
The price per share is similar to that offered by the president of Gestamp, who performs the operation through a patrimonial company. Specifically, this Wednesday it was learned in a relevant event published by the CNMV that Riberas, through Halekulani S. L., has reached an agreement with seven banks to buy their securities at 0.977 euros each. These banks (Santander, Sabadell, Liberbank, BBVA, Kutxabank, Bankia and CaixaBank) represent 63% of the capital stock of GAM. The disbursement for that item would be 20.5 million.
To this we must add another 12 million that the employer should pay to take the remaining 37% of the machinery firm and 25.5 million that would go to a capital increase, so the total amount of the operation is estimated at 58 million. The money from the capital increase would be used to pay GAM's debt to the banks, which in turn would accept a reduction of more than 40 million, since the current debt is estimated at 67.8 million. According to the information submitted by the company to the CNMV, the agreement signed is subject to a series of suspensive clauses, including a thorough examination commissioned by Riberas to determine the status of the GAM machinery park.