Maxcom Telecomunicaciones informed the Mexican Stock Exchange (BMV) that the Texan company Transtelco Acquisition III began a forced public acquisition offer on Friday for up to all of the shares of the Mexican company.
In fact, representative actions of the capital social de Maxcom represent 276 million 471,081 ordinary shares. Its purchase price is 2.20 pesos per share.
The offer period for its shares, in accordance with the Securities Market Law (LMV), will be 20 business days. This may be extended by Transtelco if it complies with the legal requirements. “The period of the share offering is expected to end, if it is not extended, on October 21, 2021,” Maxcom said in a statement.
In addition, on Thursday, Transtelco Holding launched a cash tender offer for the purchase of the principal outstanding amount of Maxcom’s 8% Senior Secured Notes due 2024.
Also, the US company made a request for consents to modify the issuance act that governs the bonds.
“In the event of the successful closing of the offer for the shares (…) we estimate that the amount to be paid to the holders of the PIK Junior Notes would be approximately $ 7.6 million; assuming the implicit equity value derived from the acquisition of the company ”, informed Maxcom.
The future of Maxcom may lie in its next acquisition … if it goes through
“Upon reaching a successful conclusion in both processes, Maxcom expects that the result will be key to improving its financial viability; as well as the continuity of its operations ”, said the company.
In its 2020 income statement, the company Mexican telecommunications indicated that its income fell 34.4%, compared to 2019, to 907.6 million pesos (mp).
In addition, last year he deepened his loss that went from 74.8 million pesos in 2019 to 521.5 million pesos at the end of 2020. According to company information, its price per share stood at 5.60 pesos at the end of 2018. However, at the end of 2020 it was quoted at 1.06 pesos and this morning it received a 10% boost to reach 2.08 pesos.
For Maxcom, the acquisition will be decisive in the “consolidation of its value proposition in the medium and long term,” he explained in the document. Even if this purchase is not completed, the company will continue to analyze alternatives for the continuity of its operations, he said.
The company has been preparing to redesign its services since 2017, when it chose to focus on business customers.
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