The IBEX 35 is already close to 11,900 points. Everyone thought that the IBEX going to move in the range from 10,800 to 11,600. Going beyond 11,600 has been rapidly to 11,900.
And the OPAS again be the order of the day. We have seen
Endesa has become a topic of heated by Gas Natural's bid and EON and climbed within one week from 24 euros to almost 27 (The EON bid is 25.4 and the Natura Gas less than 20 euros) so it is clear that the market expects the war continued and both EON OPAS with Gas Natural offer higher prices.
Another value that has been a war of OPA has been pizza delivery. In a year has risen from 1.62 to 3.19. High returns in the short term but not long term so long considering that in 1998 the action came close to 10.50 euros. Yesterday
finally approved the takeover of its president on Metrovacesa Rivero. 80 euros per share for 26% of the company. Sacresa Currently, the majority social Metrovacesa has a pending bid by 20% to 78.1 euros.
Sacresa has 24.2% of the company and launched in early year a tender offer for 20% of the company to send more and dismiss the current President, Joaquin Rivero. Rivero
asoción with friends and has launched a bid for 26% of the company to 80 euros. Joaquin clear not to become unemployed. Any worker would have done the same.
What nobody knows is what will now Sanahuja family (owners of Sacresa).
One option is to leave things as they are and that each go to the bid you want. In this case the theoretical price of 76 euros serious action. Below this price worth going to buy stocks and shares half of each bid (with the idea to rush the fixed tranche of 25% as possible). If Sacresa retires and go with their actions (24.2% of the company today) to the OPA de Rivero, the things would ugly for the rest of Metrovacesa shareholders, and that only those who have few shares (less than 150 I think) would gain money the rest could only sell a few shares at 80 euros and the rest eat them (it is estimated that after the takeover Metrovacesa can drop to 55 euros). In this case the theoretical value of the stock before the bid would be 68 euros (average between 80 and 55).
The third and most interesting option for shareholders than Sacresa launched a bid for 100% of the capita for between 85 and 90 euros. The problem is that he has no money to do so, and this would be the only way to improve Rivero offer, because it can not launch a takeover bid by 26% because if have to buy all 50.2% of the company and in this case the CNMV requires that the bid is for 100% of the company. Another interesting option is
URBIS. It has launched a takeover bid by 100% to 26 euros. The stock is 25.6. Who have money and do not know what to do with it. URBIS to buy shares below 26 and to wait for the OPA.
There are many companies with takeover rumors, but that'll talk another day.
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