Cofina, owner of Correio da Manhã, has received two revised final proposals for its purchase, from the company’s management group, which includes Cristiano Ronaldo, and from Media Capital, which owns TVI, according to a statement to the market.
In the note, published last night by the Portuguese Securities Market Commission (CMVM), the media company recalled that it had received on June 27 “a binding offer for the acquisition of all the shares representing the share capital of Cofina Media” subscribed “by members of the management team of that subsidiary”, by “executives of the same” and “by a group of investors”: Luis Santana, Ana Dias, Octávio Ribeiro, Isabel Rodrigues, Carlos Rodrigues, Luís Ferreira, Carlos Cruz, Cristiano Ronaldo, Domingos Vieira de Matos, Paulo Fernandes and João Borges de Oliveira.
After that, he recalled, he received a binding offer on July 20 “also for the acquisition of Cofina Media shares, subscribed by the Media Capital Group”.
Following these offers, “Cofina has been in contact with potential buyers with a view to negotiating contractual and commercial conditions,” he said, with the aim of maximizing “value for Cofina and its shareholders” in relation to a potential sale.
According to the owner of Correio da Manhã, these negotiations “culminated in the presentation by MBO [management buyout, i.e. the management group], through the vehicle company called Expressão Livre, SGPS, S.A., directly or indirectly owned by the underwriters of the MBO Offer” as well as by Media Capital, “of revised final offers, both as regards the consideration for Cofina Media’s shares and in relation to the respective contractual conditions” (‘Best and Final Offers’ or BAFO).
In this sense, the proposal “presented by MBO is based on an equity value of Cofina Media” of 56.7 million euros.
In the case of Media Capital, the group’s proposal foresees an equity value for Cofina Media of 54.4 million euros, or “the equivalent of the price of any competing proposal received by Cofina, until 4:30 p.m. on September 15, 2023, plus 5%” up to a limit of 56 million euros.
Cofina clarified that the proposals “will be analyzed by the respective competent corporate bodies, which will decide whether or not to sell the Cofina Media shares to one of the potential buyers”.
In their consideration, the company’s governing bodies will take into account the consideration offered for the shares, “the respective contractual conditions proposed” and the strategic plan that the potential buyers intend to implement.
According to the company, “no decision has been taken to date on whether or not to sell Cofina Media’s shares to one of the potential buyers” and “any decision that may be taken in this context by its governing bodies will always be taken in defense of the interests of Cofina and its shareholders, from a perspective of maximizing value for them, and of the strategic project” for the group.
Media Capital announced an offer for Cofina in July, just a few weeks after the management group made its proposal.
