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Key Masmovil shareholder accepts KKR, Cinven, Providence takeover bid

2020-09-10 09:26:00| Telecompaper Headlines

(Telecompaper) The third largest shareholder of Spanish operator Masmovil, the Indumenta Pueri holding of children's fashion brand Mayoral, has finally decided to accept the takeover bid by three US funds, said Masmovil in a filing at securities markets regulator CNMV. Mayoral's commercial director Rafael Dominguez had previously rejected the EUR 3 billion offer from KKR, Providence and Cinven as undervaluing the company but has now pledged to tender all of Indumenta Pueri's shares, said the filing. It currently has an 8.25 percent stake in the operator, with the holders of another 30 percent of the company previously committing to accept the EUR 22.50 a share offer.

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