The Council of the National Securities Market Commission (CNMV) has authorized the purchase offer launched last November by the manager of the Swiss stock exchange, Six, on 100% of Spanish Stock Exchanges and Markets (BME).
The authorization is produced “upon understanding that its terms are adjusted to current regulations and that the content of the explanatory brochure presented after the last modifications registered on March 25, 2020 is sufficient,” as explained by the CNMV in a statement.
Last Tuesday, the Council of Ministers also authorized the aforementioned takeover bid considering that the operation meets legal requirements and after the commitments made by the Six group.
The offer presented on November 19 by Six contemplates the purchase of all of BME’s shares (83,615,558 shares), which are admitted to trading on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges and are included in the Stock Market Interconnection System.
The price set by Six is 33.40 euros per share and, as explained by the CMNV, “although it is not necessary because it is a voluntary offer, it is justified in the prospectus of the takeover bid according to the price rules fair (article 9 of Royal Decree 1066/2007, of July 27), on the regime of public offerings for the acquisition of securities. “
“This agreement will take effect from the day following the publication in the Official State Gazette (BOE) of the agreement of the Council of Ministers dated March 24, 2020, authorizing the acquisition of BME by SIX Group AG “, explained the CNMV.
The body led by Sebastián Albella will inform of the acceptance period of the offer when Six “publishes the first of the announcements provided for in article 22 of Royal Decree 1066/2007”, has concluded.
Now, once the operation is authorized by the Government and the approval of the CNMV, as the competent authority to authorize the takeover bid, it will be the shareholders of BME who, ultimately, will have to decide whether or not to sell their shares at the price offered. .
On February 13, the National Commission of Markets and Competition (CNMC) had already authorized the operation, understanding that it did not pose a threat to competition.
Six launched the takeover bid on BME on November 18 at a price of 34 euros per share, which brings the amount of the operation to more than 2,800 million euros.