The Spanish Securities Commission has authorized the delisting tender offer for Ercros, S.A. launched by Bondalti Iberica, S.L.U., part of Grupo José de Mello Capital, S.A. While the offer is formally addressed to 100% of Ercros' 91,436,199 shares, it effectively covers 20,820,562 shares, or 22.77% of the capital, because Bondalti already holds 70,615,637 shares, or 77.23%, acquired in the tender offer authorized on February 10, 2026, and those shares have been immobilized until completion of the delisting offer. The offer price is EUR 3.505 per share, set under the applicable market law and takeover decree, with the bidder providing a valuation report in the prospectus. The offer is unconditional and is backed by a EUR 72,976,069.81 bank guarantee issued by Banco Santander, S.A. The acceptance period will run for 49 calendar days from the trading day following publication of the first notice containing the offer's key terms, and it will also end on a trading day. Ercros' shares will be delisted once the transaction is settled, unless the conditions for a squeeze-out are met and exercised by the bidder, in which case the delisting will occur upon settlement of the squeeze-out. The prospectus and supporting documents will be added to the Spanish Securities Commission's public registers and will be available for consultation from at least the trading day after publication of the first notice.
Spanish Securities Commission (CNMV)2026-07-22
Spanish Securities Commission authorizes Bondalti Iberica delisting offer for Ercros at EUR 3.505 a share
The Spanish Securities Commission has authorized Bondalti Iberica's delisting offer for Ercros at EUR 3.505 per share. Although the bid is formally for all shares, it effectively covers the remaining 22.77% because Bondalti already owns 77.23%. The offer is unconditional, backed by a EUR 72.98 million Santander guarantee, and will open for 49 calendar days after the first notice is published.