On 17 June 2020, ESP CNMV issued rules for period of forced right of sale.
- ESP CNMV release on BME share sales orders during period of forced right of sale.
- Followed March 2020, ESP GVT authorized purchase of Spanish exchange.
Takeover Bid Announcement
- On 16 June 2020, SIX Group AG (SIX) communicated, in line with art 48.3 RD 1066/2007 on public offerings for acquisition of securities (takeover bids RD) and section 3.6.2 of BME prospectus explaining public offer for acquisition of shares.
- Requirements of art 136 securities market law, art 47 of takeover bids RD for right of forced sale by SIX, right of forced purchase by BME remaining shareholders are met.
- BME shareholders have right to demand from SIX purchase of shares in exercise of right of forced purchase, being able to request it, as per mentioned regulations.
- Contacting the financial institution or investment services company (company or securities agency) in which they have them deposited.
- ESP CNMV reminded entities that receive orders to sell BME shares at price lower than set for exercise of forced purchase right (in principle €32.98 per share) of their duty to take into account their clients best interests.
- While possibility of requiring forced purchase is open, it will be appropriate to channel sales orders via mechanism enabled to that effect unless specific client instruction.
- I.e. instruction to the contrary or that order execution in market or otherwise allows obtaining price equal to or greater than quoted for forced purchase right.