1 / 5

Market Information

Market Information. November 2, 2005. TENDER OFFER OVER SOGECABLE. TRANSACTION OVERVIEW. Offer concerns 26.712.926 shares representing 20% of SOGECABLE share capital 37 euros per share offered: 17.3% premium over 11/01/05 closing price

harlan
Télécharger la présentation

Market Information

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Market Information November 2, 2005

  2. TENDER OFFER OVER SOGECABLE TRANSACTION OVERVIEW • Offer concerns 26.712.926 shares representing 20% of SOGECABLE share capital • 37 euros per share offered: • 17.3% premium over 11/01/05 closing price • 22.4% premium over last 3 months average price • Payment in cash (€988 Million) Key Terms • Financing 100% with Debt • Bridge facility underwritten by Citigroup Financial issues • Offer conditional upon the acquisition by PRISA of a number of shares equal to 21,370,341 (16% of SOGECABLE share capital) • Offer to be authorized by CNMV, Ministry of Industry and competition authorities Additional considerations

  3. TRANSACTION OVERVIEW TENDER OFFER OVER SOGECABLE Transaction Rationale • Audiovisual: one of the main growth areas in PRISA • Supporting SOGECABLE project both in pay tv and free to air tv • Gaining scale: higher growth and profitability

  4. TRANSACTION OVERVIEW TENDER OFFER OVER SOGECABLE Impact on PRISA accounts • PRISA stake in SOGECABLE will reach up to 44.5% with a minimum of 40.5% • PRISA will integrate SOGECABLE in a global consolidated basis • PRISA Net Debt /EBITDA ratio in 2006: approx. 3.5x

  5. OFERTA PUBLICA DE ADQUISICIÓN DE SOGECABLE TENDER OFFER OVER SOGECABLE Higher operating growth Market consensus EBITDA Revenues * Excluding Media Capital

More Related