Metrovacesa's majority shareholders, Spain's Sanahuja family, announced on Monday in a statement to the Spanish stock market regulator CNMV the details of its takeover bid for Metrovacesa. The offer is part of a plan agreed in February 2007 to separate the company's French and Spanish assets. The Sanahujas, which hold a 70.5% stake in Metrovacesa after a buyback tender in November 2007, are offering some EUR 83.21 per share for the remaining stake in the Spanish property giant.
Metrovacesa's majority shareholders, Spain's Sanahuja family, announced on Monday in a statement to the Spanish stock market regulator CNMV the details of its takeover bid for Metrovacesa. The offer is part of a plan agreed in February 2007 to separate the company's French and Spanish assets. The Sanahujas, which hold a 70.5% stake in Metrovacesa after a buyback tender in November 2007, are offering some EUR 83.21 per share for the remaining stake in the Spanish property giant.
The country's securities watchdog has seven days to make a decision on the bid, which is being made through the Sanahujas' Undertaje Options investment vehicle.
Metrovacesa's share price stood at EUR 81.80 in early trading on Monday and closed up 0.06% at EUR 81.85.
The company's separation process was agreed earlier in 2007 to bring to an end a dispute between its three main shareholders, the Sanahuja family, Joaquin Rivero and Bautista Soler.
