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What I do with my “terras”?
To sell in the market to the present prices or to hold the actions until the end to try that Telephone it improves the supply seems the two less bad options for the individuals de the vestibule online.
Shortly after which Terra left to stock market in November de 1999, Alfonso D.T. advised to his fianc2ee who did not buy action de the branch de Telephone, but she did not do case to him. “What can do now? It must them sell? And if it does not want”. The fianc2ee is not prepared to sell to these prices, “is very angry”, says Alfonso, but alternative what it has left?
The hope de means million particular shareholders de Terra is that Telephone it improves the 5.25 Euros by title that defered 28 de April the past. But the operator de telecommunications already has repeated in several occasions that will not do it and that consider joust the realized supply.
Alicia Jiménez, director de analysis de the society de values Self Trade, gives very few possibilities to the hypothetical ascent de the price: “We do not see many options that Telephone it does not improve the supply and, does in case it, will raise it either much more”.
Jiménez recommends “to go to the takeover”, but not to all: “We understand that to those who have action to a high price, already it gives equal them to lose a 80% that a 85%, for that reason we advised to them that they are associated and they tried to press so that they raise the price to them”.
Value de market
For that they do not want to embark in the battle de the pressure against the operator, more than to hope to than the period finalizes to accept the takeover, as they advise the majority de stock market companies, the logical thing would be to try to sell now to price de market. Terra closed yesterday in 5,45 Euros, since not only a little would be received more than it defers Telephone, but a month would be had the money before if it waits for the outcome de the takeover. The problem to sell to the present prices in the market would be to lose a possible improvement de the conditions de the supply.
The third option is not to go to the market nor to the takeover. In that case, the best thing would be to try to be united with other individuals to make force and to press to Telephone.
There are two associations that are trying to group the frustrated shareholders: Accter and Adicae. First it represents more than 2.8 million action and assures to count on the support de some investment funds, whereas second it says to have like associate the proprietors de about eight million action.
The two have announced since they study legal actions against the operator de telecommunications presided by Caesar Alierta and have asked to the National Commission de the Market de Valores (CNMV) that does not approve the operation. Worn Blas, president de the regulating organism de the Spanish markets, already has declared that is not between its competitions demanding to Telephone an improvement de the price: “We can do very little; if the operator defers a bad price, simply the operation will fail”, affirmed to Road the week last in the Congress.
Possible failure
And if the takeover fails? It is not very clear either that the shareholders have won the battle. Self Trade considers that the titles could fall until near three Euros, “that is the ground that the box marks”, comments Alicia Jiménez. Terra has a net treasury de more than 1,700 million Euros.
If Telephone it obtains that the investors accept their supply and the takeover leaves ahead, the two possibilities that are abren would be the one de which the value stays quoting, but with smaller liquidity, or the launching de an exclusion takeover.
It is difficult to draw conclusions de similar operations, since while in the final price in the takeover de exclusion, as the Uniland cases de Cementera or MINE happened in, in others has risen, the price stayed, like in the supplies de exclusion de Spanish Saint Gobain on Glasswork and Mapfre Caja Madrid Holding company on Mapfre Life.
In any case, the exclusion takeovers did not become to a price inferior to the one de the preceding supply.
Fernando April, adviser delegated de Telephone, made doubt the rumored takeover de exclusion when declaring the past week that Terra will continue quoting. If Telephone he obtains 75% de the actions de Terra, would control the company and he could benefit from the fiscal advantages de the losses that the vestibule generates in the future, according to explains Alicia Jiménez, and so to exclude from stock market the branch he could be dispensable. In order to be able to benefit from the accumulated fiscal credits, Telephone he would have to absorb to his branch, according to Jiménez.
If there is exclusion takeover, the retailers who decide to remain will have them titles without liquidity and with expenses de administration.
The one that does not cry…
Both preceding in that it has had complaints de investors in a takeover have ended at an improvement de the conditions de the supply. At the end de 1999, the hotel chain Sun Meliá was forced by the CNMV to lift the price de the takeover by MINE, whereas, at the end de the past month de March, Uniland Corporation it yielded and it improved his supply de exclusion by Uniland Cementera from 95 Euros to 98.1 Euros by action. In spite de these two precedents, it seems difficult that Telephone it improves the price de the takeover.
First de all, the present supply still is not de exclusion, although this one could arrive in the mid term, in spite de the last declarations de the managers de Telephone in the opposite sense. Secondly, the operator de telecommunications has showed that she cannot improve the price de the supply because a price superior would be detrimental for the own shareholders de the branch de Telephone. In addition, an ascent as those de the preceding cases it would not serve either to calm the spirits de the shareholders de Terra.
In the case de MINE, the improvement de the supply guaranteed a price similar to the one from exit to stock market de the company opada, whereas in the one de Uniland Cementera meant an improvement de 3.2%. The majority de the individuals de Terra is demanding numbers near the 11.81 Euros to which the value made debut.
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