The Polygon fund appeals at the Hearing the authorization of the takeover bid for MasMovil
Lorca Telecom’s takeover bid concluded successfully in mid-September and the funds were made with 113,819,588 shares of MásMóvil.The Polygon Global Partners fund has presented a appeal to the National High Court against the authorization of the National Securities Market Commission (CNMV) of the takeover bid (takeover bid) presented by the funds KKR, Cinven and Providence by MásMóvil, as reported in a statement. The private investment firm details that it has filed a contentious-administrative appeal before the National High Court challenging the CNMV agreement of July 29, 2020 that authorized the takeover bid for MásMóvil Ibercom presented by Lorca Telecom Bidco, the investment vehicle created by the funds for this operation. Polygon, which during the period of opa owned about 1% of the capital of MásMóvil, It has been opposed on several occasions to the operation, since it considered that it breached the legal regime of takeover bids and “seriously” harmed the interests of the shareholders of the telecommunications operator. On June 23, the fund requested the CNMV to investigate the conditions of the takeover bid, especially those that referred to aspects related to the fair price, the existing options for the appearance of competing offers, the duty of passivity and the compensation to the offeror agreed upon in certain scenarios. In August, Polygon Global Partners again stated its “complete disagreement” with the content and conclusions of the valuation report published as an annex to the prospectus and issued by PwC on July 24, since it believes that the valuation of MásMóvil that the firm made is, at least, “seven or eight euros below the correct ”.
