But a statement by Sacresa added that it would sell 0.29% of Metrovacesa in order to avoid going over 50% threshold. The statement added that the company is prepared to increase its current offer of 78.10 euros per share. The company promised that if it won acceptances for the bid from shareholders representing more than 50% of Metrovacesa's share capital it would pass on any excess shares to a financial holding entity.
This is the second time in four months that the Sanahuja family, which owns Sacresa, has sought to gain control of Metrovacesa. In March, the family offered 78.10 euros per share for 20% of Metrovacesa. In May, Metrovacesa chairman Joaquin Rivero Valcarce and shareholder Bautista Soler made a counter-offer for 26% at 80 euros per share.
Last Friday Sacresa bid 78.10 euros per share for 26% of Metrovacesa, but this was almost immediately topped by a joint 80-euros-per-share bid by Valcarce 's fund Alteco Gestion y Promocion de Marcas SL and shareholder Juan Bautista Soler's Mag Import fund.
Now Sacresa officials have said they are prepared to increase its existing 78.10-euros-per-share bid to 90 if stock market regulator CNMV allows the company to extend its offer. It has also promised the regulator that it will sell a small stake to a third party once its bid is completed but before ownership of the additional shares is handed over so avoiding an automatic bid for the whole company.
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