Minority Masmovil shareholder Polygon Global Partners filed an appeal with a Spanish court challenging an earlier decision by the country’s stock market regulator to approve a takeover of the operator.
In a statement, the investor said it lodged the appeal with Audiencia Nacional, a centralised court in Spain, seeking to overturn the National Securities Market Commission’s (CNMV) clearance of a proposed €2.96 billion acquisition [1] by Lorca Telecom BidCo.
Polygon Global Partners previously described the bidding price as not equitable in the face of the Covid-19 (coronavirus) pandemic and claimed the offer aimed to discourage alternative bids.
After lodging concerns with CNMV on these grounds, the UK-based investment company addressed its concerns in a letter to Masmovil chairman [2] Eduardo Diez Hochleitner Rodriguez.
Despite the efforts, a majority of shareholders last month backed the deal [3], which is now pending other regulatory approvals prior to finalisation.
[1] https://www.mobileworldlive.com/featured-content/home-banner/masmovil-board-backs-e3b-takeover-bid
[2] https://www.mobileworldlive.com/featured-content/top-three/masmovil-shareholder-ups-heat-over-buyout-bid
[3] https://www.mobileworldlive.com/featured-content/top-three/masmovil-buyout-backed-by-majority-of-shareholders
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