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MNB clears Wallis buyout offer for Altera shares

Automotive

The National Bank of Hungary (MNB) on Tuesday approved a mandatory public purchase offer for the outstanding shares of holding company Altera by Wallis Asset Management. The offer, at HUF 520.25 per share, will run from June 8 until July 9.   

Wallis acquired a little more than 23% of Altera shares from Lehn Consulting in an OTC transaction late in April, but informed Altera that it aimed to boost its stake over the 25% threshold requiring it to make a mandatory public purchase offer, state news agency MTI recalled.

Wallis aims to transfer majority stakes in its vehicle, vehicle parts and vehicle rental businesses to Altera as in-kind contributions, allowing it to tap the equities market for financing.

The brands the businesses represent include BMW, Mini, Isuzu, Maserati, SsangYong, Jaguar, Land Rover and Sixt rent-a-car.

In May, Alteraʼs board advised shareholders against accepting the buyout offer, but welcomed Wallisʼs proposal to integrate its vehicle businesses with the company. Alteraʼs board noted that the companyʼs share price had since climbed to HUF 830. The share price closed at HUF 810 on Tuesday, MTI noted.

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