The Portuguese Securities Commission (CMVM) registered Visabeira Indústria’s mandatory general tender offer for 14,412,198 shares in Martifer. The offer price is EUR 2.057 per share, based on the shares’ six-month volume-weighted average market price and above the highest EUR 1.693 price paid by Visabeira during the relevant period through registration. No independent expert was required because Martifer’s shares did not meet the applicable low-liquidity condition. The offer follows a shareholder agreement among Visabeira, I'M — SGPS and Mota-Engil SGPS that resulted in the parties and related persons being attributed 85.59% of Martifer’s voting rights, or 87.53% after accounting for treasury shares. Visabeira is making the offer for itself and in substitution for the other parties’ obligations. Martifer will not tender its treasury shares. Visabeira intends to use the statutory squeeze-out mechanism if the relevant requirements are met. The 90% threshold must be calculated using all Martifer shares, including treasury shares, and would be reached if Visabeira acquires at least 4,412,198 shares, representing 4.41% of the share capital. Martifer will be required to update its board report on the offer’s merits and conditions.
2026-05-15Portuguese Securities Commission (CMVM)
Portuguese Securities Commission registers Visabeira’s mandatory offer for 14,412,198 Martifer shares at EUR 2.057 each
The Portuguese Securities Commission registered Visabeira Indústria’s mandatory offer for 14,412,198 Martifer shares at EUR 2.057 each. The offer follows the attribution of 85.59% of voting rights to parties to a shareholder agreement and related persons. Visabeira could reach the squeeze-out threshold by acquiring at least 4,412,198 shares.