There are less than two weeks until the acceptance period for the Offer to purchase (OPA) that investment firms KKR, Cinven and Providence have launched by the telecommunications operator MásMóvil. If they do not request to extend the terms or if a competing offer does not appear (which would automatically extend them), the shareholders of the owner of the Yoigo They will have until September 11 to accept the offer. And, despite the fact that there are only a few days left for this process to come to an end, the movements in MásMóvil's capital are constant.
In recent weeks, funds like Samson rock, Polygon and DWS Investment have increased their investments in the company chaired by Meinrad Spenger. The last to do so, Samson Rock, which, this Monday, August 31, ended the month raising its participation to 1,826% compared to the previous 1,788%, according to the records of the National Securities Market Commission (CNMV).
Different case is that of Polygon. The firm has revealed that it manages just over 1% of the shareholding of MoreMobile, through Polygon European Equity Opportunity Master Fund and, however, in recent weeks it has become one of the most critical entities with the way in which the operation has been carried out.
Criticisms he has made through letters to the CNMV in which he assures that the regulation on takeover bids is not being complied with and that the interests of MásMóvil shareholders are being damaged. Polygon has expressed its disagreement with the valuation of the share of the 'teleco' endorsed by PwC considering that it is "seven or eight euros below the correct one". In his opinion, the price of the takeover bid should be around 30 euros per share and not the 22.5 euros offered by the funds.
BELOW THE PRICE OF THE OPA
The other two firms that have increased their exposure in MásMóvil in the already concluded month of August are DWS Investment, which has gone from 2.9% to 3.4%; and Norges Bank, which has made a movement in the same direction by increasing its investment from 3.03% to 3.134%, according to the latest information it has sent to the CNMV.
Waiting to see if a competing offer materializes in these two weeks, which would encourage the price, MásMóvil titles have closed again below the price of the takeover bid, at the conclusion of the day on Monday at 22.44 euros.
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