The boards of Spanish property companies Reyal and Urbis have approved at an exchange rate of 13 Reyal shares for every 5 Urbis securities, the two groups have told the Spanish stock market regulator CNMV.
The boards of Spanish property companies Reyal and Urbis have approved at an exchange rate of 13 Reyal shares for every 5 Urbis securities, the two groups have told the Spanish stock market regulator CNMV.
The exchange is to take place after Reyal carries out a 559-per-one share split to make the stocks easier to trade, Spanish newspaper Cinco Dias has reported. Construction company Reyal launched a full bid for Urbis at EUR 26 per share in July last year. It currently controls 96.41% of the real estate company. Reyal, which is headed by Rafael Santamaria, said it will issue 69,256 new shares to increase its capital by EUR 386.8 mln to help finance its takeover bid.
