The Navarre company Azkoyen has suffered a stock market drop of 4% this Monday, down to €10.95 per share, after the Clerbil group, led by José Antonio Jainaga, launched a takeover bid valued at €244 million at €10 per share.
Azkoyen shares recorded a nearly 4% drop on the stock market this Monday, down to €10.95 per share, after the takeover bid launched by the Basque consortium led by businessman José Antonio Jainaga was announced last Friday. The offer, valued at €244 million, is below the current share price of the Navarre company.
The decline occurred in the continuous market, where Azkoyen shares fell by 4% in the first hour of trading, according to data collected by Efe. Despite this setback, the company has accumulated a revaluation of nearly 31% so far this year.
The takeover bid has been launched by Clerbil, the group chaired by Jainaga, along with other partners from Ohmnia Electronics. The offered price is €10 per share, below the €10.95 at which the company was trading at the close on Friday. This difference partly explains the downward adjustment this Monday.
Azkoyen informed the National Securities Market Commission (CNMV) last Friday that the offer does not foresee proposing the exclusion of the company's trading. The operation is subject to a condition of acceptance of at least 50% of the share capital of the Navarre company.
The investor consortium is led by José Antonio Jainaga, known for his acquisition of Sidenor and for chairing Talgo. Clerbil is a group that has made numerous investments in the Basque industrial fabric, including Ohmnia itself.
The financing of the takeover bid will be structured through a capital increase in Ohmnia, which will involve current partners such as Clerbil, Carmen Lequerica Holding, the Basque Institute of Finance, and the Vital Banking Foundation. They will be joined by the BBK Foundation and Indar Kartera, the investment vehicle of Kutxabank.
For investors, the key lies in the price of the takeover bid: by offering €10 per share, well below the current trading price, the market discounts that the operation may not go ahead or that the final price may be revised upwards. Those who bought shares above this price face a latent loss if the takeover bid succeeds on its current terms.
In the overall market, the IBEX 35 rose by 1.22% in the first hour of trading, reaching 19,800 points, contrasting with the negative performance of Azkoyen. The evolution of the takeover bid will depend on acceptance by shareholders and possible counteroffers.
The next steps include the analysis by the CNMV and the acceptance period for the offer, which will extend over several weeks. Azkoyen shareholders will need to decide whether to sell their shares at €10 or wait for a possible improvement.
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