Financial Market Council Suspends Sotuver Trading Amid Major Acquisition News
The Financial Market Council suspended Sotuver's trading yesterday pending the release of a press statement, which brought significant news. The company's reference shareholders have accepted a non-binding offer from a major international glass packaging producer to acquire a block of shares representing half of their current stake, approximately 41% of the company's capital.
This operation is part of a strategic partnership aimed at accelerating and strengthening Sotuver's development. The company's valuation for the operation, which will determine the unit price of the shares, will be based on the consolidated EBITDA and net debt as of December 31, 2024, as audited and validated by the acquisition audits to be conducted by the acquirer.
Indicatively, based on the provisional 2024 accounts, the coupon-attached 2024 share price for the operation would be approximately 13,480 TND per share, subject to adjustments resulting from the acquisition audits. For reference, the share is currently trading at 14,240 TND.
The completion of this operation is conditional upon the completion of the acquisition audits, the signing of usual contractual documents, and the obtaining of required administrative authorizations. The expected timeline is to finalize the operation, if possible, before the end of the third quarter of 2025.
In accordance with market regulations, a public tender offer (PTO) will be launched upon completion of the transaction on the block of shares. The reference shareholders will join the acquirer in the PTO, acquiring 50% of the shares to be purchased. The market will be informed of the operation's progress.
Although the share is correctly valued, we believe the price will increase given the growth prospects this operation will offer Sotuver.
