Marco International last Thursday launched a public purchase offer for a 13.29% stake in Alro, through Marco Acquisitions. The offered price stands at 25,000 lei/share. If the offer is successful, Marco will have to pay 526.43 billion lei (18.15 million dollars).
The US company announced its intention to launch the offer several weeks ago and the Stock Exchange players raised Alro quotation to 25,500 lei/share at the beginning of Thursday’s trading session, hoping to get a price exceeding 27,000 lei/share.
The offer will run for 20 days and most of the investors having purchased Alro shares for 25,500 lei are waiting for Marco to offer a higher price by the end of this period.
“I think the price is too low. Marco may have offered this price as it has purchased enough Alro shares lately and a semi-failure is unlikely to affect it,” Valentin Ionescu, head of operations with Euro Invest Vision, said. “However, the shares held by the Privatisation Authority (APAPS) are the stake.”
If the offer is successful, Marco International will hold 45.3% in Alro through its subsidiaries Conef and Marco Acquisitions. Thus, one of the best companies listed on BSE would be held by two shareholders: APAPS and Marco International. This possibility, which would actually turn off one of the most liquid stocks on the market, prompted market players to wait for a better price.
“There will be no price increase. Those waiting for it are wasting their time,” Peter Braun, Conef vice president and Marco International representative in Romania, said. The US company at the beginning of this year held 10.5% stake in Alro through Conef.
In the meanwhile, Marco benefited from the confusion around the share capital increase and came to hold 32% in Alro. Marco paid about 40 million dollars for the stake it owns. Alro stock exchange capitalisation currently stands at about 133 million dollars.