OHL México offer changed

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OHL México offer changed

Magenta Infraestructura has filed a request to modify the offer launched over the public shares of OHL México.

In June, the National Banking and Securities Commission (CNBV) of Mexico approved the cash tender offer launched by the OHL Concesiones and IFM Global Infrastructure Fund (IFM GIF) for 100% of the free float of OHL México at a price of MXN27 (US$1.51) per share. The transaction will be carried out through Magenta, a corporate vehicle constituted for this purpose, currently 100% owned by OHL Concesiones.

The modification involves substantially the following terms:

  1. Reduce the minimum acceptance condition from 95% to 85%, such that, considering the number of public shares of OHL México that accept the Offer, Magenta and its affiliates will own or hold, directly or indirectly, at least 85% of the representative shares of the capital stock of OHL Mexico. This reduces the conditionality of the all cash tender offer and increases certainty for shareholders.
  2. Extend the term of the Offer for an additional period of 5 business days, such that, the Offer will now close at 14:00 hours (Mexico time) on Wednesday, July 26, 2017. This extension period is expected to allow for the receipt of all necessary authorizations from the European Antitrust Commission (Comision Europea de Competencia) for completion of the all cash tender offer as set forth in the Offering Memorandum of the Offer. The remaining terms and conditions of the Offer, including the acquisition price of the Offer, remain unchanged as set out in the Offering Memorandum of the Offer.

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