Iberia
Napsal: 30. 03. 2007, 13:19
MADRID (Dow Jones)-- Iberia Lineas Aereas de Espana SA (IBLA.MC) Friday said it has received a takeover approach from private equity firm TPG Capital LLP, formerly known as the Texas Pacific Group.
Spain's flagship airline said TPG is studying the possibility of presenting a EUR3.6-a-share bid for the company and has requested more information. [ 30-03-07 0626GMT ]
TPG's EUR3.6-a-share, all-cash bid is 10% below Iberia's Thursday closing price of EUR4 and values the company at EUR3.41 billion.
Iberia disclosed the information in a regulatory filing.
Once it receives the requested information from Iberia, TPG has agreed to analyze the information within 30 days, and then make its decision within 10 days after that.
Iberia said its board will meet in coming days to discuss TPG's approach. [ 30-03-07 0643GMT ]
The agreement struck earlier this month between the European Union and the U.S. to eliminate many restrictions on airlines flying between the two regions, is expected to kick off a round of consolidation in the European airline industry.
Analysts and investors say Iberia has become a takeover target and the Madrid-based carrier has authorized its chairman to consider potential partnerships or other strategic options.
Iberia's shares have risen sharply in past months on hopes of a takeover. The stock is up almost 45% since the beginning of the year, and its market capitalization has risen to EUR3.8 billion.
Analysts say British Airways PLC (BAB), which owns a 10% stake in Iberia, may also be forced to consider a bid for the Spanish carrier as a defensive move if a large rival airline decides to bid.
Spain's flagship airline said TPG is studying the possibility of presenting a EUR3.6-a-share bid for the company and has requested more information. [ 30-03-07 0626GMT ]
TPG's EUR3.6-a-share, all-cash bid is 10% below Iberia's Thursday closing price of EUR4 and values the company at EUR3.41 billion.
Iberia disclosed the information in a regulatory filing.
Once it receives the requested information from Iberia, TPG has agreed to analyze the information within 30 days, and then make its decision within 10 days after that.
Iberia said its board will meet in coming days to discuss TPG's approach. [ 30-03-07 0643GMT ]
The agreement struck earlier this month between the European Union and the U.S. to eliminate many restrictions on airlines flying between the two regions, is expected to kick off a round of consolidation in the European airline industry.
Analysts and investors say Iberia has become a takeover target and the Madrid-based carrier has authorized its chairman to consider potential partnerships or other strategic options.
Iberia's shares have risen sharply in past months on hopes of a takeover. The stock is up almost 45% since the beginning of the year, and its market capitalization has risen to EUR3.8 billion.
Analysts say British Airways PLC (BAB), which owns a 10% stake in Iberia, may also be forced to consider a bid for the Spanish carrier as a defensive move if a large rival airline decides to bid.