Tuesday, September 23, 2014

OPA José de Mello may die in office – Economic

OPA José de Mello may die in office – Economic

Herminia Costa and António Saraiva



 OPA of Jos & # xE9; Mello could die in office

CMVM may prevent José de Mello Health to review the OPA in contrast to competitor ES Health to the registration of the offer, which can happen with light verda Competition.

The takeover bid (OPA) competitor of José de Mello Health (JMS) on the Holy Spirit (ES) Health may end up dying in office. By placing a condition of registration of the offer the green light from the Competition Authority, whose evaluation can take up to 90 days, the company led by Salvador de Mello eventually limit its services and is currently unable to record the operation or revise consideration offered. Already a takeover bid Angeles, which began yesterday and ends on October 3, group should soon gain a new competitor, this time via Fidelity, controlled by Chinese Fosun.

When the Economic Daily found, José de Mello Saúde spent the last few days to finalize an increased contrast of 4.40 euros offered by the actions of ES Health, but everything indicates that the Commission of Securities Market can not accept the revised offer. The governor understands, knows the Economic Daily, which only may trigger the review of the consideration of the José de Mello Saúde via the offering documents, ie, at the time of registration of the offer, which depends on the Competition Authority’s decision. Until then, any proposal to revise the bid amount will only be disrupting the market. The actions of the Holy Spirit Health closed yesterday quoting in euros 4.70, 20 cents above the revised offer Angeles group.

In other words, even though the Securities Code determines that increased OPA competitor has to happen four days after the start of the first offer, the regulator should not consider the proposal of José de Mello Saúde as a competing takeover bid.

When contacted, the CMVM has not responded to questions from the Economic Daily until time Closing this issue. JSM also declined to comment on a possible revision of the consideration. The “Express”, Salvador de Mello said yesterday morning was “time to review this in the light of market circumstances have changed in the meantime”, ensuring that “the group is in operation very serious and committed way.”

In addition to the authorization of the Competition, the registration of the offer of José de Mello Saúde still depends on the prior authorization of the Ministries of Finance and daSaúde on the change of control of the Hospital de Loures, who manages ESSaúde as a public-private partnership .

The minimum period of two weeks to carry out the offer Angeles group, which now offers 4.50 euros per title ES Health, may affect the implementation of the bid of JMS, but leaves room for existence of other competing offers. Whether Amil or Fidelity, which could be introduced shortly, can still make your offer.

The Fidelity without activity in the provision of health care in Portugal is the same position as the Group Angeles, not needing prior opinion of the Competition Authority to proceed with an offer. Already Amil, which controls the HPP, can work around this tight schedule is not condition registration evaluation Competition, depending on the regulator only to effect the operation. Unlike JMS, which is financing the transaction through a bank syndicate led by Santander Totta, having to guarantee the success of the operation, Amil have available capital to achieve OPA accept any answer for imposing remedies that can pass through the sale of assets.

In any case, the CMVM may extend the term of the offer Angeles until the last day of the offering to include new OPA, the maximum period provided by law ten weeks. On the other hand, the success of the offer depends Angeles of the Court of Commerce of Luxembourg on 6 October will issue a decision on the controlled management or insolvency of Rioforte, ‘holding’ the Group EspíritoSanto that indirectly owns a stake in ESSaúde . Any decision to sell may, however, be taken at the request of the administration date of Rioforte before this.

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