Banco Santander stopped its intention to exit the Mexican Stock Exchange (BMV).
The bank of Spanish origin reported on Tuesday afternoon that it will continue with the intention to purchase 8.3% of the shares of its Mexican unit that are in the hands of minority investors, although it will no longer propose the delisting of the action.
“In order to offer a liquidity window for those investors who would like to divest their positions in the short term at the offered price, (the) intention to launch a Public Offering is announced as a voluntary takeover bid (..) instead of a takeover bid to cancel the listing, “the bank said in a statement.
Santander added that upon cancellation of the delisting from the Mexican Stock Exchange, it will no longer be subject to the approval of 95% of the existing capital.
“Santander expects to obtain the relevant regulatory approvals on the Public Offering documentation no later than July 31, 2021,” the bank added.
Analysts consulted by Expansión had said that the bank would delist because it considers that the market price is not in line with what the bank believes it is worth.
Santander offers to buy the shares it does not own at a price of 24 pesos per share, which means a premium of 24.3% over the price at the close of the day prior to the announcement.
