Francisco J. Riberas, president and ceo of the group of automotive Gestamp, has launched a takeover bid for GAM (General de alquiler de Maquinaria S. A.), according to has informed this Wednesday the company in the National Commission of the Market of Values (CNMV). The operation is realized through a property company entrepreneur, Halekulani S. L., and the total value is estimated at 58 million euros.
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The offer of Banks has four legs, according to the note sent to the CNMV, “constitute a unified whole”. The first step is an agreement, which has already been reached with seven banks (Santander, Sabadell, Liberbank, BBVA, Kutxabank, Bankia and CaixaBank) by which these sold all their shares, which represent 63% of the share capital of GAM, at a price of 0.97 euros per title. In total, the employer shall disburse for this package of shares for 20.5 million euros.
The price of 0.97 euro serves as reference in Venüsbet the tender offer launched on the remaining 37% of the company, which would result in the disbursement of 12 million more. That is a price that represents a little more than half of what they are worth at present, shares of GAM, that contribute to to 1.72 euros. However, the offer believes that this is a fair price because it is the largest agreed to in the last twelve months and they have accepted the institutions, because this implies putting an end to the process of restructuring of the company and because it’s the one that will take back a capital increase.
Those last two reasons are precisely the third and the fourth step, which contemplates the offer. Banks promises that after completing the IPO, the General Meeting of the Company shall approve a capital increase equivalent to 25.5 million euros. That money would be used to pay the debt of GAM with the banks. These changes would be a remove of more than 40 million currently, the total debt of the company is estimated at 67.8 million. For the success of the operation, the new owner and the entities pactarÃan certain commitments in a new framework agreement that would enable the restructuring, and would sound to the machinery company.
In the relevant event sent to the CNMV notes that all actions are subject to some conditions precedent, including the completion of a detailed analysis of the situation of GAM on the part of the offeror. Finally, it highlights that the operation “would constitute a change of control shareholder to incorporate a partner with industrial vocation and permanence.”