In today’s briefing:
- KKR/Greenvolt: Low Chances of Bump-Up
KKR/Greenvolt: Low Chances of Bump-Up
- KKR is pursuing the acquisition and delisting of the Portuguese renewable energy company Greenvolt-Energias Renovaveis (GVOLT PL) at €8.30/share in cash, an 11.5% premium to CSP, 95.3% premium to IPO price.
- The price also represents 30% discount to the highest closing share price, but core shareholders (60.86%) seem happy to sell, which will trigger a mandatory offer.
- The offer doesn’t seem generous. Although KKR could sweeten the price to encourage minorities to tender, precedents of Solarpack and Opdenergy do not invite much optimism. Long.
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