Neinor Homes has successfully completed the voluntary takeover bid launched on Aedas Homes on 25 November, reaching a 79.20% stake in the company's capital and thus securing a controlling position before the end of the year.
As part of this transaction, Neinor has acquired a total of 34.6 million shares in Aedas at a price of €21.335 per share, representing an investment of approximately €740 million. The offer acceptance period ran from 27 November to 11 December, and settlement is expected to take place on 22 December.
Following the closure of the voluntary takeover bid, Jordi Argemí, Deputy Chief Executive Officer and Chief Financial Officer (CFO) of Neinor Homes, will join the board of directors of Aedas Homes, replacing Eduardo D'Alessandro, a director appointed by Castlelake.
As the company had previously announced to the market, Neinor has committed to launching a mandatory subsequent takeover bid at a price of €24 per share, representing a premium of 12.5% over the voluntary offer price. This second takeover bid is subject to the corresponding authorisation from the Spanish National Securities Market Commission (CNMV).
The price of €24 per share corresponds to Aedas' last share price prior to the announcement of the voluntary takeover bid, adjusted for the dividend paid in July, and takes into account the applicable regulatory forecasts. Neinor plans to launch this mandatory bid as soon as it obtains regulatory authorisation, with the aim of increasing its stake in the company.
Borja García-Egotxeaga, CEO of Neinor Homes, said that the result of the voluntary takeover bid allows the company to secure a controlling stake in Aedas within the deadlines and objectives communicated to the market last June.
