MADRID, 16 May. (EUROPA PRESS) –
The Swiss group J. Safra Sarasin (JSS), dedicated to private investment banking and asset management, announced this Thursday the launch of a public offer for the acquisition of shares in Árima Real Estate at a price of 8.61 euros per title, which represents a premium of almost 38.9% over the price at which the SOCIMI’s titles closed this Wednesday (6.20 euros per share).
According to a statement sent to the National Securities Market Commission (CNMV), the takeover bid is directed at all the shares into which Árima’s share capital is divided, that is, 28,429,376 shares, so the total amount offered by Safra to take over the SOCIMI exceeds 244 million euros.
Given that Árima has committed not to accept the offer with respect to 2,446,435 treasury shares, representing 8.605% of the capital, and to propose to the board their amortization prior to the settlement of the offer, the Safra takeover bid would be directed to all of the remaining shares in circulation (25,982,941 shares), representing 91.395% of the current share capital. Thus, the total amount to be disbursed by Safra will be 223.7 million euros after the amortization of the treasury shares.
The price offered by Safra, 8.61 euros per share, represents a premium of 38.87% over the trading price of Árima shares at yesterday’s close; 40.51% on the volume-weighted average trading price in the last month; of 37.91% on the weighted average trading price of the last three months, and 34.91% on the average trading price of the last six months.
The group plans to finance the payment of the total consideration for the offer with funds from a capital increase, with or without preferential subscription rights, an aspect that remains to be determined and will be communicated later.
The proposal regarding the capital increase will be submitted to the approval of the general meeting of shareholders, which must also resolve on the authorization of the offer.
The offeror in this operation is JSS Socimi, a company controlled by the Luxembourg-based Master HoldCo, in turn wholly owned by a collective investment fund managed by the Swiss financial group J. Safra Sarasin.
