GREENALIA: GREENALIA'S MAIN SHAREHOLDERS LAUNCH A DELISTING TENDER OFFER (ANÁLISIS BANCO SABADELL)
GRN’s main shareholders, Smarttia Spain and Alazady España (which together hold more than 86.4% of share capital), have launched a delisting tender offer for GRN, setting a price of € 17.50/sh. (+7% premium vs. yesterday’s closing price). Specifically, Smarttia Spain holds 81.2% of the share capital and is the company run by GRN’s founder (Manuel García), whereas Alazady España holds 5.2% and is represented by Pablo Castellano.The bid would be addressed to all shareholders in the company that do not belong to the groups making the bid (13.6% free float) and would be structured as a purchase agreement, with the entire payment to be made in cash. The acceptance period is expected to last 29 calendar days, with no possibility of extensions. The bid’s success would not be tied to any conditions.
Greenalia SA is a Spain-based holding company (the Group) active in the forestry and energy sectors. It specializes in the purchase and sale, import, export, manufacture and general processing of all types of wood, as well as its transport. The Group develops its activities in five business lines: Electric power, Thermal energy, Industrial, Logistics and Forestry. Its Electric power activities are concentrated on renewable technologies, utilizing biomass and wind power. Thermal energy activities include thermal power production (heating and cooling) using biofuels (pellets and dry woodchips), which are produced by the Industrial division. The Logistics division covers the Group's logistic and export needs, including storage, stowage, transportation, customs and shipping agency, as well as delivers services to third parties. The Group's Forestry activities include forest mensuration and assessment, certification, logging and transport, as well as commercialization of forest products.
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