Helios RE has secured the support of Lar España’s largest shareholder and will upgrade its offer for Lar España to €8.30 per share. The upgraded offer implies a premium of 19% over the closing share price on the day before the announcement of the offer, a premium of 20% over the weighted average price (VWAP) of the month preceding the announcement, and a premium of 28% over the dividend-adjusted weighted average price (VWAP) in the six months preceding the announcement of the offer.
The transaction will allow Lar España's shareholders to benefit from a significant premium that would not be available in the market under normal conditions if it were not in the context of a takeover bid due to the limited liquidity of the shares. With this agreement, the transaction now has support from some of Lar España’s most significant shareholders: Castellana Properties, Brandes Investment Partners and Grupo Lar, who together represent more than 50% of the company's shareholding (including the stake controlled by Grupo Lar).
Source: press release sent 3 Oct 2024