The Portuguese Securities Market Commission (CMVM) announced the extension until April 3 of the deadline given to Ernst & Young, as independent expert, to set the minimum consideration in the takeover bid for Greenvolt.
In a statement to the market, the CMVM said that at the request of Ernst & Young Audit & Associados (EY), it had decided to “extend the deadline for submitting the report justifying the consideration until April 3”.
On January 31, 2024, the CMVM appointed – on a proposal from Gamma Lux Holdco – EY as an independent expert to set the minimum consideration to be offered in the takeover bid.
The offer to buy Greenvolt was launched on December 21 last year by the infrastructure investment fund Gamma Lux, based in Luxembourg and managed by KKR, while the company GVK Omega, based in Lisbon, was set up this year to carry out the operation.
On January 19, Greenvolt’s Board of Directors considered the amount offered by KKR in the takeover bid for the Portuguese renewable energy group to be “fair”, maintaining that the additional shareholder capital will allow it to “accelerate its business plan”.
With regard to the price of 8.3 euros per share offered, Greenvolt’s Board of Directors believes that “it is fair”, taking into account that “it represents a premium of 95.3% compared to the subscription price of the shares in the IPO and 47.7% compared to the subscription price of the shares in the 2022 capital increase”.
It also represents “a premium of 11.4% compared to the share price on the day before the preliminary announcement was published and a premium of 32.1% compared to the weighted average share price in the six months prior to the day the preliminary announcement was published”, being “in line with the results of the fairness opinions prepared by Lazard and Millenniumbcp, which consider fair value”.
