Grupo Aeroméxico filed a formal request with the National Banking and Securities Commission (CNBV) to carry out a forced takeover bid (OPA), a process that is part of the delisting of shares from the Mexican Stock Exchange (BMV) approved by the company’s board of directors on June 29.
In a statement sent to the BMV, Aeroméxico explained that the OPA will be directed exclusively to the holders of shares that are not owned by the shareholders that maintain control of the company, or owned by the shareholders that are party to the Registration Rights Agreement ( or RRA, for its acronym in English), which is part of the commitments assumed in the restructuring plan under Chapter 11 of the US Bankruptcy Code.
“Any shareholder that is NOT part of the above groups will have the right, but not the obligation, to participate and accept the offer, in the terms and under the conditions provided for in the Informative Brochure of the Offer, to be published at the time. ”, reported the company.
The objective of the takeover bid is “to find adequate possibilities to provide greater liquidity to the representative share of the company’s capital stock,” added Aeroméxico, since the company expressed its interest in listing its shares on the New York Stock Exchange, a procedure that must begin no later than December 30 of this year, as part of the commitments assumed in its financial restructuring.
This is the second takeover bid that Aeroméxico has launched on the market this year. Between February and March, the airline launched a first takeover bid in which the company Alinfra sought to acquire the entire share capital of the company from the market before a new structure came into force, which gave rise to the injection of fresh capital through of the issuance of new shares, which entailed practically zero dilution of the investing public.
For this reason, Aeroméxico’s first OPA was launched to give investors the possibility of recovering part of their investment in company securities before the completion of its financial restructuring, although at a fixed price of 1 cent per share.
