The Spanish Securities Commission (CNMV) has authorised Bondalti Iberica, S.L.U.’s voluntary public takeover bid for Ercros, S.A., covering 100% of the company’s share capital of 91,436,199 shares. The offer is for EUR 3.505 per share, payable in cash, and as a voluntary bid the consideration has not been assessed as an equitable price. The bid is conditional on acceptances representing more than half of Ercros’ voting rights, equivalent to at least 45,718,100 shares given that Ercros has no treasury shares. Payment is backed by bank guarantees from Banco Santander, S.A. for EUR 269,170,316.40 and Banco Bilbao Vizcaya Argentaria, S.A. for EUR 60,000,000. The bidder states it will require a squeeze-out if the conditions are met, and otherwise will seek a delisting offer provided the price is not higher than the current offer. The acceptance period will run for 30 calendar days starting on the stock market business day following publication of the first announcement with the offer’s key terms, and will end on a stock market business day. The prospectus and supporting documents will be available in CNMV’s public registers at least from that same business day.
Spanish Securities Commission (CNMV) 2026-02-10
Spanish Securities Commission authorizes Bondalti Iberica voluntary takeover bid for Ercros at EUR 3.505 per share
The Spanish Securities Commission (CNMV) has authorized Bondalti Iberica, S.L.U.'s voluntary public takeover bid for Ercros, S.A., covering 100% of its share capital at EUR 3.505 per share. The bid, conditional on acquiring over half of Ercros' voting rights, is backed by bank guarantees totaling EUR 329,170,316.40, with a 30-day acceptance period commencing after the offer's announcement.