Talgo shares have returned to the stock market and closed the session with a drop of 6.17% after the Hungarian group Ganz-MaVag (Magyar Vagon) warned this weekend that the offer may not take place as , despite studying an offer at 5 euros, is waiting for the banks not to execute their options due to change of control.
Throughout the day, Talgo shares, which fell by 8.16, have moderated their fall until they are trading at a price of 4.48 euros, below the price offered by the Hungarian group (5 euros). In a statement to the National Securities Market Commission (CNMV), Magyar Vagon explained on Friday that the main obstacle to executing the offer on Talgo is related to the company’s financing subject to the change of control in order to obtain the corresponding regulatory permits.
In this regard, the CNMV has informed you that it is not permitted to subject the offer to the condition of obtaining the consent of the entities financed by the change of control.
For all these reasons, he has assured that he is not certain that the Public Acquisition Offer (OPA) that has heated up the action in recent months will be formulated, although he promises that he will report any subsequent decision in due course.
In this way, it has confirmed the information that pointed to a takeover bid at 5 euros per share, although it details that no agreement or decision has yet been reached in this regard, waiting to clarify the regulatory obstacles to which the company has made CNMV reference.
Around 4:00 p.m. last Thursday, February 8, the regulator decided to suspend the trading of Talgo on a precautionary basis and with immediate effect after having unexpectedly shot up its shares on the stock market by 10% due to rumors of a takeover bid.
Magyar Vagon improves the offer
Before the price skyrocketed, Talgo shares were worth 4.4 euros, far from the 5 euros that Magyar Vagon would pay to take over the company, so the shares reached 4.78 euros before trading was suspended. .
When this possible trading hour emerged in November, Talgo was trading at 3.9 euros and the same situation occurred, its shares skyrocketed to 4.4 euros, since the premium up to 5 euros reached 27.7%. and the CNMV suspended it for a few.
The purchase of Talgo for 5 euros per share would mean valuing 100% of the company at around 617 million euros. The company’s main shareholder is the Trilantic investment fund. For its part, Magyar Vagon, owned by businessman András Tombor, operates the train manufacturing company DJJ, which it bought in 2020. If the bidding season opens, the Basque CAF would also be a good bidder for Talgo.