Ellaktor S.A. entered into a binding offer to acquire 38.79% stake in Reds S.A. (ATSE : KAMP) from RB Ellaktor Holding B.V. for approximately ?60 million.

Ellaktor S.A. entered into a binding offer to acquire 38.79% stake in Reds S.A. (ATSE : KAMP) from RB Ellaktor Holding B.V. for approximately ?60 million on April 18, 2024. Ellaktor S.A. to acquire 22,277,743 shares corresponding to 38.79% of the share capital and voting rights of REDS. The total consideration amounts to ?60,149,906, or ?2.70 per share, which has been confirmed by the valuation exercise and the fairness opinion issued by the independent financial advisor.

On the same date, RB Holding has accepted the Offer. The Board of Directors? also unanimously resolved on the Company purchasing additional shares in REDS through the Athens Exchange market, at the same per share consideration of ?2.70, with the aim to acquire shares corresponding to, at least, 95% or greater, of the total number of shares issued by REDS, informing accordingly the authorities.

Should a stake greater than 95% be acquired, REDS intends to initiate the process of a voluntary exit from the Athens Exchange, by convening an Extraordinary General Meeting of shareholders to resolve (with a majority vote of 95% of total voting rights) on the delisting of its shares from the main market of the Athens Exchange, following submission of the relevant request to the Hellenic Capital Market Commission. The completion of the transaction is anticipated within three weeks. As of April 22, 2024, Ellaktor acquired 64,082 shares.

Euroxx Securities S.A. (ATSE:EX) acted as fairness opinion provider to Ellaktor S.A.