CVC ups its offer for Deoleo

CVC agreed to buy 29.99% of the company's shares at 0.38 cents apiece in April, a price that valued the company at €439m. The offer was for shares owned by Bankia, Banco Mare Nostrum (BNM) and Dcoop.

Last month Spanish stock market regulator Comisión Nacional del Mercado de Valores (CNMV) approved the deal, despite agreeing with shareholder objections that the price undervalued the business. It suggested at least 39.5 cents apiece would represent a fair price.

At the time of its initial offer CVC stated it intended to pursue a refinancing of the asset, which currently has debt of around €500m on its books, prior to launching a full takeover. The refinancing will include a bullet loan with a seven-year maturity.

CVC emerged as the favoured bidder for the asset in April 2014, having made the strongest offer. The company was put up for sale by Spanish banks in July last year, with JP Morgan running the sale process. The asset attracted the attention of several private equity firms, including Italy's state-supported Fondo Strategico Italiano.

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• Topics
• Buyouts
• Southern Europe
• CVC Capital Partners
• Spain