Media Capital Group has submitted a binding offer of 80 million euros for all of Cofina, the owner of TVI, the Securities Market Commission (CMVM), said on Thursday. This cost is five million more than the Management Buy Out (MBO) offered by Luis Santana, COO of Cofina Media, along with other employees and which has other investors, including Cristiano Ronaldo.
The amount that Media Capital has to pay will be 35 million, and the rest (45 million) will be taken on as debt.
“Net debt corresponds to the value of financial debt (i.e. bank debt and other liabilities of a similar nature) deducted from the value of cash and is set at EUR 45,000,000 (forty-five million euros) subject to a normal working capital for the Company’s day-to-day operations.
As for competing offers, the group, owned by Mario Ferreira, says it “expects to be contacted by a salesperson.” [a Cofina] in the event that this proposal outweighs another that may be submitted by another interested party.”
Media Capital’s binding offer comes after the company revealed on July 11 that it remains interested in acquiring a 100% stake in the company that owns publications such as CMTV, Correio da Manhã, Jornal de Negócios and Saturday. “Media Capital Group announces that it has informed Cofina of its continued interest in acquiring 100% of the share capital of Cofina Media,” the company said in a statement.
What is known about MVO?
Cofina clarified to CMVM on Monday that the potential buyer “is an automobile company called Expressão Livre, which will be directly or indirectly owned by the following investors: Luis Santana, Ana Diaz, Octavio Ribeiro, Isabel Rodriguez, Carlos Rodriguez, Luis Ferreira, Carlos Cruz, Cristiano Ronaldo, Domingos Vieira de Matos, Paulo Fernandes and Joao Borges de Oliveira.”
“Given that some of the investors are also members of Cofina’s board of directors, Cofina will ensure that all legal regulations applicable to related party transactions are strictly observed,” he added in the same note.
Author: business magazine
Source: CM Jornal
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