A fund managed by US private equity firm KKR & Co has slightly increased its tender offer price for Portuguese renewable energy company Greenvolt – Energias Renovaveis SA. The adjustment raises the proposed cash consideration to EUR 8.3107 per share from EUR 8.30, as per a recent filing by Greenvolt.
This change was made at the request of the Portuguese Securities Market Commission (CMVM), which indicated that the offer price should align with the conversion ratio of a recent convertible bond issuance. Although the investment vehicle opposed the CMVM's decision, it complied in order to secure the registration of the offer.
The tender offer was initially launched in December by Gamma Lux Holdco Sarl, an affiliate of investment funds advised by KKR. Earlier this year, KKR's fund subscribed to EUR 200 million in bonds that are convertible into Greenvolt shares, with the transaction receiving approval from Greenvolt's bondholders in May.
As of 1456 CET on Thursday, shares in Greenvolt were trading at EUR 8.32, reflecting minimal change. The company's market capitalization is reported to exceed EUR 1.35 billion (USD 1.50 billion), according to Euronext data.
