Masdar’s public offer for the remaining 29.57% of TERNA ENERGY’s shares
Masdar’s public offer for the remaining 29.57% of TERNA ENERGY’s shares listed on the Athens Stock Exchange is positioned at the upper end of the company’s valuation.
This conclusion was reached by TERNA ENERGY’s Board of Directors, as outlined in its reasoned opinion, which was made public by the Athens Stock Exchange.
TERNA ENERGY’s Valuation Range
TERNA ENERGY’s Board of Directors took into account the report from its financial advisor, AXIA, which determined that the company’s valuation ranges between €11.9 and €21.5 per share.
According to the report, “Based on the results of the methods used to assess the Offered Consideration (€20 per share) in the context of the Public Offer by the Offeror, it is determined that the Offered Consideration falls within the valuation range, specifically at its upper limits. Therefore,” the Board concludes in its reasoned opinion, “the offered consideration of €20 per share is at the upper end of the valuation range, as determined in the report.”
Additionally, Masdar’s offer price exceeds the weighted average stock price of the six months preceding the obligation to submit a public offer by 3.5%, which stood at €19.32 per share.
Delisting from the Athens Stock Exchange
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