BME’s Board of Directors issues favourable opinion on SIX’s tender offer

Maria Nikolova

The Board of Directors of BME has approved the mandatory report on the tender offer for the acquisition of 100% of the shares in BME launched by SIX.

BME today announces that its Board of Directors has approved the mandatory report on the tender offer for the acquisition of 100% of the shares in BME launched by SIX. The transaction received authorisation from the Council of Ministers on March 24, 2020, and the CNMV authorised, on March 25, 2020, the informative takeover bid prospectus.

Unanimously, the Board of Directors of BME has issued in the report a favourable opinion on the tender. The Board “positively values the offer price” and considers that “the commitments assumed by SIX and the conditions and precautions imposed by the authorisation from the Council of Ministers are altogether adequate to protect the appropriate development of the Spanish official secondary markets and financial systems to which the aforementioned commitments refer “.

The Board has also announced its intention to accept the offer regarding the treasury shares held by BME. In addition, those members of the Board who hold shares in the company have stated their intention to accept the offer by tendering all their shares.

During the offer acceptance period, shareholders may tender their shares to receive €33.40 per share, all in cash.

The total equity value of the deal is approximately EUR 2,793 million or CHF 2,952.76 million. The initial offer price amounted to 34 euros per share but was adjusted by the gross amount of the dividend of 0.60 euros per share paid by BME on December 30, 2019.

The consideration will be further adjusted by the gross amount of an additional dividend of EUR 0.42 per share that BME expects to pay on May 8, 2020, provided that the date when the Offer results are published on the trading bulletins takes place on or later than the ex-dividend date.

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