August 13, 2019 / 5:58 AM / 4 months ago

BRIEF-Optimum Re Spain: Ireland's Promontoria Bravo Launches Takeover Bid

Aug 13 (Reuters) - Optimum Re Spain SOCIMI SA:

* SAID ON MONDAY THAT IRELAND’S PROMONTORIA BRAVO DESIGNATED ACTIVITY COMPANY HAD SIGNED A PURCHASE COMMITMENT WITH THE COMPANY’S SHAREHOLDERS HOLDING 92.88% STAKE AND TO LAUNCH A TENDER OFFER FOR THE SHARES

* PROMONTORIA BRAVO TO EXTEND THE OFFER ON THE SHARES OF THE REMAINING SHAREHOLDERS WHO DID NOT SIGN SUCH COMMITMENT

* THE OFFER PRICE TO BE EITHER 14.05 EUROS PER SHARE (75% TO BE PAID ON CLOSING DATE AND 25% 18 MONTHS AFTER CLOSING DATE) OR 13.28 EUROS PER SHARE (PAID IN FULL ON CLOSING DATE)

* THE OFFER IS ADDRESSED TO 4,972,423 OPTIMUM SHARES, REPRESENTING 99.45% OF THE SHARE CAPITAL, EXCLUDING TREASURY STOCK

* THE ACCEPTANCE PERIOD TO START ON AUG. 13 AND END ON SEPT. 9

* PROMONTORIA BRAVO IS AN AFFILIATED COMPANY OF CERBERUS CAPITAL MANAGEMENT LP

Source text: bit.ly/2KvWPyM

Further company coverage: (Gdynia Newsroom)

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