United colours

15 May 2017 By Neil Unmack Follow @unmack1

Atlantia, controlled by the Italian family, wants to buy Spanish infrastructure peer Abertis. The target’s main shareholder, Criteria, hasn’t yet backed the deal. Even so, the premium looks more than fair, a counterbid is unlikely, and holding out would leave Criteria stranded.

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Italian toll road operator Atlantia launched a voluntary tender offer to shareholders of Abertis Infraestructuras on May 15. The offer values Abertis at 16.50 euros a share, giving the target an equity value of 16.3 billion euros.

Abertis shareholders can accept cash or special, illiquid Atlantia shares, up to a maximum of 23.2 percent of Abertis’ share capital. The special shares will remain untradeable until Feb. 15, 2019.

Criteria, a bank holding company, owns 22.3 percent of the Abertis shares, and said it would “carefully consider” the bid.

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