Spain's bourse regulator CNMV has approved the EUR 2 bn takeover bid launched by Colonial for shopping centre specialist Riofisa. The offer values Riofisa at EUR 44.31 per share, which compares to the price of EUR 43.85 at which Riofisa shares were trading at 2 pm on Wednesday. Colonial´s offer is conditional on the company tendering at least 50% of Riofisa's shares. The deal is expected to create the largest property company in Spain with a market value of EUR 14.85 bn, placing it ahead of Metrovacesa.
Spain's bourse regulator CNMV has approved the EUR 2 bn takeover bid launched by Colonial for shopping centre specialist Riofisa. The offer values Riofisa at EUR 44.31 per share, which compares to the price of EUR 43.85 at which Riofisa shares were trading at 2 pm on Wednesday. Colonial´s offer is conditional on the company tendering at least 50% of Riofisa's shares. The deal is expected to create the largest property company in Spain with a market value of EUR 14.85 bn, placing it ahead of Metrovacesa.
The bid is very likely to succeed as Colonial already has a commitment from the Losantos family to sell its controlling stake within the first five days of the acceptance period. The transaction will be financed by a loan provided by lenders Calyon, Royal Bank of Scotland and Eurohypo. Colonial is also planning to undertake a EUR 700 mln capital increase which has been recently approved by the company's board.
