Thursday, September 23

The PRISA board unanimously rejects Blas Herrero’s offer | Economy

Headquarters of the PRISA group in Gran Vía, Madrid.
Headquarters of the PRISA group in Gran Vía, Madrid.Andrea Comas

PRISA, the publishing group of EL PAÍS, reported this Friday to the National Securities Market Commission (CNMV) that the Group’s Board of Directors, meeting in an extraordinary way, “has agreed to reject” the purchase offer for the media business presented last Thursday by Asturian businessman Blas Herrero. Company sources explain that the council has unanimously adopted the decision after analyzing the terms of the proposal from the owner of Kiss FM.

In its information to the stock market supervisor, the group has indicated that “it will continue to operate in accordance with its roadmap defined at the beginning of this year, in the development and enhancement of its education and media projects, as has been consistently communicating to the market ”. In addition, the publishing group indicates that “it will be in this framework that it will evaluate, if it is appropriate in the future, any expression of interest that it may receive, as has been the case of the transactions reported in recent weeks.”

Last Wednesday night some media published the intention of businessman Blas Herrero to present an offer for the PRISA Group’s communication business. The following day, the CNMV suspended the trading of the group’s shares early “due to the occurrence of circumstances that could disturb the normal development of operations on the aforementioned securities.” A few hours later and after collecting and publishing information, the stock market supervisor once again admitted the PRISA securities to trading, which soared after returning to the market with increases of up to 25%. This Friday the share has corrected its value by leaving 6.67% at the close of the session, until the price of the security was left at 0.81 euros.

In response to a request from the CNMV to Blas Herrero this Thursday, the Asturian businessman, owner of the radio formula Kiss FM, acknowledged to the supervisor that he had “presented a letter to the Board of Directors of PRISA, which includes a purchase offer of all the companies and assets that currently make up the PRISA Group’s media business unit, both written, radio and audiovisual ”. Herrero explained that the proposal did not include the education business unit.

In his response to the CNMV, Herrero detailed this Thursday that “the acquisition of PRISA’s media businesses would be implemented through a limited liability company in which a group of investors, led by Blas Herrero, would have a stake significant, but not necessarily control ”, he added. And it assured that it offered the shareholders of PRISA to participate in the capital of that company by making, like the aforementioned group of investors, monetary contributions to its capital stock.

Herrero specified that the offer was subject to a review process (due diligence) confirmatory and other customary conditions. And it added that it would be pending evaluation by the PRISA board and, where appropriate, approval by the general shareholders’ meeting.

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