On Thursday, September 10, one day before the end of the acceptance period for the MásMóvil envelope, Lorca – the company formed by the three venture capital funds to carry out the purchase – announced to the market that the teleco.
This is the minimum that the law provides to be able to achieve a forced sale by launching a second proposal for the same initial 22.5 euros -for each share-, take full control of the company and meet the objective of delisting it.
In the next few hours the final percentage of acceptance of the operation will be known, but MásMóvil has already been left out of the Ibex 35, according to BME a few days ago, anticipating the conclusion of the operation.
The next step will be the approval of the acquisition and the definitive exclusion of the MásMóvil floor at a general meeting of shareholders, in which a majority of more than 50% will be required.
barrier overcome
A barrier that can be considered overcome since last Wednesday, September 9, the only reference shareholder -Rafael Domínguez de la Maza representing Idumenta Pueri (8.25% of the company’s capital)- who had opposed At the price of the takeover bid, considering it insufficient, he announced that he would go to it.
With this last redoubt of resistance surrendered, the only thing that is already unknown is the calendar, but the delisting of MásMóvil, which is currently trading at 22.38 euros, is a reality.
Managers such as Allianz Bernstein (2.2%), Polygon (1.1%) or Bestinver and numerous investment firms have publicly denounced in recent weeks that the takeover bid undervalues MásMóvil.
And the truth is that the telecom presents the highest growth in gross profit of the entire European industry, of almost 60% between 2019 and 2021, according to FactSet estimates. And looking to 2021, according to the same forecasts, the EV/ebitda multiplier is in line with the average for the European sector, despite the widespread punishment on the stock market.
The intention of the venture capital funds is clear: to privatize the firm and exploit its potential for growth and consolidation of the sector in a period of at least four years -Orange or Vodafone’s offer-.
And this is reflected in the takeover bid brochure, in which it is even considered going public again: “Between the fourth and sixth anniversary of the settlement of the offer (…) they can start an initial public offering (opv )”, provided that, in that period, at least two of the three capital funds agree, the will of only one of them being necessary as of 2026.
Eyes turn to Euskaltel
After the culmination of the takeover bid for MásMóvil, corporate noise does not cease in the telecom sector, devoted to a consolidation for years that has not finished taking place, and the proof is in September, of just over 15%, until reaching maximums annual at almost 9 euros and complete a 50% rebound from the floor of the coronavirus crisis that they registered on March 16, at 5.93 euros.
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