According to recent press reports, Barbosa e Almeida have published full page adverts in Spanish newspapers to encourage Vilesa shareholders to accept its offer for their shares.
It is offering Euros…
According to recent press reports, Barbosa e Almeida have published full page adverts in Spanish newspapers to encourage Vilesa shareholders to accept its offer for their shares. It is offering Euros 4.83 per share – a premium of 27.4% on the average share price over the last six months. Barbosa said payment would be made in cash and that Vilesa“s sales had fallen by 6.5% in the first half of the year with turnover down 11.4%. In 1999 Vilesa lost some of its tax exemptions, which will end in 2000. This will negatively affect shareholders. Barbosa also said the glass industry was going into a negative cycle. Several Spanish stock brokers, including Beta Capital, have recommended that shareholders accept Barbosa“s bid. Spanish business paper Expansion published a full page article giving the arguments for and against accepting the bid. Vilesa“s board, however, believes the bid undervalues the company.