Heidelberg Materials' tender offer price for Akçansa triggers limit-up move in shares

Heidelberg Materials, which acquired Sabancı Holding's shares in Akçansa, has applied to the Capital Markets Board (SPK) for the mandatory tender offer process. The determination of a floor price of 260.25 TL per share in the application triggered strong buying for Akçansa shares on Borsa İstanbul.

Akçansa shares rose 10 percent on the first trading day of the week to reach 207 TL, trading at the daily limit. The announced tender offer price represents a premium of approximately 38.2 percent compared to the stock's closing price of 188.20 TL on Friday.

A mandatory tender offer obligation arose following Heidelberg Materials' acquisition of the 39.7 percent stake in Akçansa held by Sabancı Holding. Following the application made through TEB Yatırım, the final schedule for the process is expected to be clarified upon SPK approval.

In determining the tender offer price, two calculations were taken into account as required by legislation. While the six-month adjusted weighted average stock market price prior to the binding agreement was calculated at 170.06 TL, the price per share with a nominal value of 1 TL was 260.25 TL based on the share transfer price. The higher amount was taken as the base price for the mandatory tender offer.

According to the company's disclosure, the offer price may be revised upwards depending on the Central Bank of the Republic of Turkey (TCMB) exchange rate on the business day prior to the start of the actual tender offer process. However, it was stated that 260.25 TL would be applied as the floor price.

Sabancı Holding had announced that the sale of its relevant shares in Akçansa to Heidelberg Materials was completed on June 18 for a price of 427.9 million dollars.