Gómez-Acebo & Pombo advises Zardoya Otis in the takeover bid launched by Otis

Gómez-Acebo & Pombo advises Zardoya Otis in the takeover bid launched by the parent company Otis Group for the 49.99% it does not control of its Spanish subsidiary, with the aim of delisting it from the Stock Exchange.

Zardoya Otis is listed on the Continuous Market and has a market capitalisation of 2,517 million euros. The offer price represented a premium of around 30.8% over the price at which Zardoya Otis closed yesterday (5.35 euros, up 0.75% on the stock market) and 28.9% over the volume-weighted average price in the month to 22 September (5.43 euros).

Otis, the parent company, controls 50.01% of the share capital of Zardoya Otis S.A. (ZOSA) and 50.01% of the share capital of Zardoya Otis S.A. (ZOSA). (ZOSA) and 50.07% of the voting rights, indirectly through its wholly owned subsidiary Alder Holdings (AH), so the offer is aimed at the 49.99% it does not control, i.e. 235.184 million shares.

The GA_P team was formed by Guillermo Guerra, Corporate partner, Santiago Gómez Acebo, Banking partner, Jacobo Palanca, Corporate associate and José Francisco Canalejas, Banking associate.

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