MásMóvil will not be able to sell Euskaltel shares for a price higher than the one finally paid in the event of the takeover bid (OPA) presented this Sunday within a period of two years from its liquidation. You can only make cash in the event that return the company to trading after delisting or MásMóvil itself is acquired by a third party.
This is stated in a clause included in the preliminary prospectus of the operation. In it, MásMóvil commits to “do not sell or by any other title transmit, directly or indirectly, the shares of the affected company to a third party at a price per share higher than that finally paid to the selling shareholders within the framework of the offer within a period of two years from the settlement thereof “.
This commitment is in line with the rest of the clauses with which the agreement aims to ensure “the roots” in the Basque Country of Euskaltel long-term. A position with which the complicity of the Basque Government has been won and which was also publicly defended in an interview on Radio Euskadi by the CEO of MásMóvil, Meinrad Spenger, who spoke of a project “in the medium and long term.”
Rooted in the Basque Country
Along these lines, the agreement establishes that, if the operation is successful, the social headquarters will be maintained of Euskaltel and its subsidiary in the Basque Country and Galicia respectively, as well as commitments to maintain the brands and employment for a period of five years. In addition, MásMóvil is committed to prioritize the deployment of the 5G network in the Basque Country.
From the risk measurement agency Scope Ratings, analyst Jacques de Greling has indicated that the offer will not mean the consolidation of a European domestic market, since the number of large operators in Spain is not reduced. An opinion that yesterday took its toll on the Telefónica stock price, the leader in the sector in Spain.
The resulting group, in case the operation obtains the pertinent authorizations and is successfully consumed, will have revenues of approximately € 2.7 billion and more than 1,500 employees. In addition, it would add 14 million lines and 26 million homes connected with fiber.