The US KKR fund offers six euros per share in its exclusion bid for Telepizza, with which aims to take control of 72% of the titles that do not yet have, in an operation that can reach up to 431.7 million euros. In a statement sent to the National Securities Market Commission (CNMV), the company Tasty (through which KKR participates in Telepizza) has reported the details of this operation, which will be carried out before January 21st. 2019 and will be voluntary.
The main shareholder of the firm has revealed that already owns 28.53% of the capital -directly and indirectly- and has confirmed that once the OPA is completed, it will proceed to take out the firm from the stock exchange, an operation that is subject to achieving 90% of the shares it intends to buy, to which Telepizza ceases its activity in Iran and the approval of Competition.
Those responsible for KKR have specified that the exclusion of the Exchange will be effective "on the date on which the sale is settled"
According to their data, the offer of six euros per title will be made exclusively in the Spanish market and the price offered is 33% higher than its last quotation before it began to speculate with the operation, this past Wednesday, when it closed in 4.5 euros.
However, it is below the price at which it went public in April 2016, then set at 7.75 euros.
At present KKR controls 28.7 million shares, equivalent to 28.53% of the capitall, so its intention is to acquire at least 90% of the remaining 71.9 million shares.
According to the records of the CNMV, Santander Asset Management, with 5.26% of the shares, and Alliance Bernstein, with 4.58%, are behind the US fund in its shareholding.
KKR recalled that it participates in Telepizza through a chain of Luxembourgish companies headed by Tasty Agreggator. The US fund was founded in 1976 and has 194.6 billion dollars in assets under management, according to its own figures.
In its offer KKR requires that Telepizza leave the Iranian market, a condition linked to US sanctions on the Asian country after its president, Donald Trump, decided to abandon the nuclear agreement signed in 2015.
The Spanish restaurant chain arrived in Iran after reaching an agreement with local investor Momenin Investment Group (MIG), which became its franchise master in the area and where it has already opened seven stores.