HOME: Lone Star sells a 27% stake in Neinor Homes
Lone Star has sold a 27% stake in Neinor Homes through an ABB (Accelerated Book Building) for €394Mn. The selling price is €18.50/share, a 3.9% discount to yesterday’s close of €19.25/share. With this disposal, Lone Star reduces its stake in the company to 13% from 40%.
This move may well have a negative impact on the share price today, because of the 3.9% discount on yesterday’s close. In addition to this, the market should linger with the possibility of an eventual disposal of the remaining 13% still in the hands of Lone Star. The main positives are the low discount obtained and the increase in the number of shares placed from an initial 20% offered to a 27% finally placed.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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