Sodim ups Semapa share offer by 6.8%
The Portuguese holding Sodim owned by the Queiroz Pereira family has upped the price it is prepared to pay in a public acquisition offer to retain a 100% controlling stake in Semapa.
Sodim is a holding company that aggregates a set of assets and stakes in industrial companies and in the hotel and real estate sectors.
It has increased the price it is prepared to pay to have an outright controlling stake in Semapa by 6.8% in the PAO, from €11.40 to €12.70 per share.
Semapa is one of Sodim’s main assets, the latter a holding company that holds industrial controlling interests in companies such as The Navigator Company, which operates in the forest, paper production, pulp production and energy sectors, the Secil Group, in the cement and building materials sector, the ETSA Group, in the environment and circular economy sector and Semapa Next, in Venture Capital.
In addition to Semapa, Sodim owns the Hotel Ritz, in Lisbon, and a stake in Sonagi, a company that operates in the real estate sector.
In February, Semapa announced that the Queiroz Pereira family holding Sodim had launched an “general and voluntary take-over bid” for those shares it did not hold in Semapa.
On 5 March the Semapa board considered the offer launched by Sodim as “opportune” and presented “suitable” conditions which would not foresee any changes in the situation of the staff, ‘stakeholders’ or the company’s finances. However, minority shareholders didn’t agree.
The company’s board also recommends that “each shareholder makes up their own mind as to accepting or not accepting the offer”. Many did not.
Sodim, through its subsidiary Cimo, holds 71.9% of Semapa’s share capital, corresponding to 73.16% of the voting rights in Semapa.