Fares Up 5% on Fridman's Offer Price By Investing.com



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© Reuters. DAY triggers more than 5% and touches the price of Fridman's offer

From Carlos R. Cózar

Investing.com – DAY (MC 🙂 returns to have a busy day on the parquet floor. First session this Tuesday the bonds of the listed company play 0.67 euros and thus reaches the price it.

It is worth remembering that yesterday, at the last minute, the National Commission of the Securities Market (CNMV) authorized the change of the plans of LetterOne. On Monday, the investment fund explained that it chose to eliminate the minimum limit of acceptance of its acquisition by supermarkets.

Letter 1 explained that it was supposed to "completely eliminate the condition of minimum level of acceptance to which the offer was subject". However, the supervisor said at the close of the session that "in this case, he commissioned a specific report from a second external expert". , which validated in all its essential aspects the conclusions contained in the report provided by the offeror.

This is not the first time LetterOne has changed plans. During the month of April, it reduced the minimum requirement from 35% to almost 21%.

LetterOne expects to close the operation soon

Following these steps, the investment fund governed by Míjail Fridman expects to close the stock purchase operation to work with its other major obstacle: to negotiate with the creditor bank and perpetrate the capital increase by the value of EUR 500 million.

Also, you need to do this in a hurry, as your plans have an expiration date: on May 20. On that date, the two-month deadline since the historic shareholders meeting at which the Russian won was reached.

For the time being, control of the DIA is still widely distributed and more than 25% of the capital is in the hands of investment funds and minority shareholders who appear to be winning the game for the Russian tycoon.

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