Spanish Company Undergoes Significant Delisting and Takeover Bid

In a significant development in the Spanish financial landscape, Tomás Tomás Inversiones S.L. is at the center of a major corporate restructuring. Here are the key details of this transaction that could impact investors and the broader economic scene in Spain.

Delisting from Major Securities Markets

On December 12, 2024, the National Securities Market Commission (CNMV) announced the delisting of Tomás Tomás Inversiones S.L.'s shares from the Madrid, Barcelona, and Bilbao Securities Markets. This decision is part of a broader strategy to restructure the company's ownership and operations.

Takeover Bid Launched

To facilitate the delisting, a public takeover bid has been launched by Tomás Tomás Inversiones S.L. in conjunction with Mr. Carlos March Delgado and Son Daviú, S.L.U., a company wholly controlled by Mr. March Delgado. This bid is aimed at acquiring all the company’s shares, ensuring that the company can proceed with its delisting plans.

Terms of the Takeover Bid

The takeover bid is governed by the provisions of Article 65 of the Securities Markets and Investment Services Act 6/2023 and Article 10 of Royal Decree 1066/2007. Here are some key terms:

• Price Offered: The consideration for each share is set at €84.20, as justified in a report issued by the Board of Directors on December 12, 2024.
• Distribution of Shares: The shares acquired through the bid will be distributed among the bidders, with Mr. Carlos March Delgado and Son Daviú, S.L.U. acquiring up to a maximum of 1.5% of the share capital, and the remaining shares being acquired by the company itself.
• Acceptance Period: The takeover bid period will range between 15 and 70 calendar days from the trading day following the publication of the first notice in the Official Trading Journal of the Madrid, Barcelona, and Bilbao Securities Markets and in at least one national newspaper.

Implications for Shareholders

Shareholders of Tomás Tomás Inversiones S.L. are advised to carefully review the terms and conditions of the takeover bid. The bid aims to acquire a maximum of 3,343,580 shares, representing 5.54% of the company's total capital. This move is expected to streamline the company's operations and align with the strategic goals set by its major shareholders.

Broader Economic Context

This corporate action comes at a time when Spain is experiencing significant economic growth, having been crowned the fastest-growing economy in the developed world in 2024 by The Economist. Spain's strong labor market, controlled inflation, and booming tourism and housing sectors have contributed to its economic resurgence. However, the benefits of this growth are not yet evenly distributed, highlighting the need for balanced economic policies.

For expats in Spain, this development underscores the dynamic nature of the Spanish business environment and the ongoing efforts to streamline and strengthen corporate structures. As Spain continues to attract investment and talent, such corporate actions reflect the country's commitment to maintaining a robust and attractive business climate.