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No Altera shareholder accepts Wallis buyout offer

None of the shareholders of holding company Altera had offered their shares to Wallis Asset Management by the July 9 deadline for the mandatory public purchase offer made by Wallis for the outstanding shares of Altera, the companies said on Wednesday.   

After the expiry of the purchase offer, Wallis raised its shareholding in Altera to 25.07% by purchasing 1.74% of ordinary shares and remains the biggest shareholder, state news wire MTI reported.

In a second step, Wallisʼs vehicle businesses will be transferred to the ownership of Altera through a HUF 15.8 billion capital raise through in-kind contribution. 

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.  

Wallis wants 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. 

The vehicle, vehicle parts and vehicle rental businesses had combined revenue of HUF 66.3 bln in 2017, almost doubling from a year earlier.  Altera shares closed at HUF 795 on July 10.