Portuguese industrial conglomerate Bondalti has initiated a bold move in the chemical industry, announcing a takeover bid valued at 329 million euros ($357 million) for the entire shareholding of Ercros, a Barcelona-based chemical company.
The offer, exclusively in cash, stands at 3.6 euros per share of Ercros, marking a substantial premium of 40.6% over the previous day’s closing market price. Bondalti’s clear objective with this bid is to secure complete ownership of Ercros and subsequently delist its shares from public trading.
For the takeover to materialize, Bondalti stipulates that it needs to secure more than 75% of Ercros’ share capital, in addition to obtaining necessary regulatory and governmental approvals.
Bondalti, a seasoned player in the Spanish market with over two decades of operation, boasts the financial backing of Grupo Jose de Mello and maintains its Spanish headquarters in Barcelona.
In response to this unexpected development, Ercros, the subject of the takeover bid, was unavailable for immediate comment.
In a parallel statement, Ercros revealed that its board of directors had no prior knowledge of the takeover bid, rendering it an unsolicited and previously unagreed proposition with the company. The board, along with the management team, affirms its commitment to diligently managing Ercros’ operations in line with its usual business practices, while ensuring the protection of social interests and adhering to regulatory obligations.
Furthermore, Ercros’ board of directors is actively engaging financial and legal advisors to navigate through the offer process and safeguard the interests of its shareholders. They intend to provide a detailed statement on the offer, once authorized by the National Securities Market Commission, within the prescribed timeframe dictated by relevant regulations.