OHLA - comment
The Amodio family wants to roll the dice and raise only €50m, hoping the Canalejas and Service Business sales complete and plug OHLA’s funding gap. The smaller cash raise would be a negative for debt holders. We have been waiting for the execution of these deals for the last two years. Also, the banks will not release any collateral; they wanted €150m, so €50m is not enough.
The Atitlan offer of €75m cash is accepted by the OHLA board (with a €75m rights offer to come), expires on 5th July, but could be extended. Atitlan’s offer would require an exemption from the Spanish regulator regarding a full take-over offer, as Atitlan would take >30% of the company. Atitlan will argue that OHLA needs the cash to avoid a potential failure hence the exemption.