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Euskaltel will be released on August 2 from the Ibex Medium Cap

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The Technical Advisory Committee of the Ibex Indices (CAT) has decided this Thursday remove Euskaltel from the Ibex Medium Cap on August 2 due to the takeover bid (takeover) launched by MásMóvil on the stock.

Although the takeover bid is not exclusionary, the fourth market operator has stated its intention to exclude to Euskaltel from the bag. That as long as the legally established conditions of acceptance of the same are met.

To do this, you will have to reach the minimum threshold of 75%, which MásMóvil has set for the takeover to be successful, although it aims to capture all the shares.

Thus, the index will be temporarily composed of 19 values. However, the CAT will adjust the Ibex Medium Cap at the close of the session on July 30, the day the offer acceptance period is expected to end.

Possible relief

“Once the result of the offer has been officially published, the Committee tTake the decisions you deem appropriate in this regard, which will be communicated well in advance, “the statement concludes. This could result in a handover or its reincorporation to the index.

MásMóvil has signed agreements with Zegona, Kutxabank and Corporación Financiera Alba, the main shareholders of Euskaltel, who assure them to gain control of at least 52.32% of the company’s shares. To this package must be added the titles of the directors and treasury shares, since the managing body of the Basque operator agreed to sell them to the acquirer.

If the opa materializes, the fourth and fifth telecommunications operator in the market they would be integrated into a group with annual revenues of about 2,700 million euros.

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