Tavex delist from stock exchange on February 2

The Spanish textile company Tavex will cease trading as a public company on February, 2. The cessation of trading of the company is the first of movement within the plan of the new owner, Camargo Corrêa, to turn the future of the company.

As a precautionary measure before the offering of compulsory purchase of the remaining shares by the Brazilian company, the Comisión Nacional del Mercado de Valores (CNMV), suspended trading of securities after the deadline for acceptance of the exclusion offer launched by Ayuspe society was announced earlier this month.

Suspension will continue until the stock exchanges in Madrid, Bilbao and Valencia proceed to terminate definitely Tavex titles trading.

Furthermore, Camargo Corrêa will close on the same date as Public Tender Offer (OPA in Spanish) on shares of Tavex that it does not have in its portfolio as yet for a price of 24 cents per share, notes Reuters.

To date, a 93.25 percent of Tavex small shareholders have accepted the proposal, so the Brazilian company has already bought additional 53.57 million shares, this is the 93.25 percent of the shares still in circulation.

Camargo Corrêa will take Tavex out from the trading floor

With the operation, the Brazilian company will have acquired the 46.18 percent of Tavex’ capital that it had not yet controlled. Once purchased all outstanding shares, Tavex will leave the trading floor.

The purchase price was 24 cents per share, which at that time meant improving by 17.6 percent the price at which the shares traded on the Spanish company recalls 'Expansion'.

The Brazilian company asserted its 50.005 percent stake in Tavex during the general meeting of shareholders of the Spanish company in the process of discussing this offer and to successfully take forward its proposal.

As part of the purchase agreement, Camargo Corrêa has committed to provide funding Tavex to maintain their activity.