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The Board of Directors request a fairness opinion about the price offered by Kaneka
12 July 2019

At a meeting held yesterday, the Board of Directors of the Company has adopted, unanimously (the directors designated by Kaneka Europe Holding Company NV –“Kaneka” abstaining from participating), among others, the following decisions:


  • These directors appreciate that the offer formulated by Kaneka entails a commitment with the Company’s entrepreneurial


  • In compliance with its duties of diligence, request a fairness opinion from one of the big four in order to verify that the price offered by Kaneka is in accordance with the evaluation criteria contemplated in article 10.5 of the Royal Decree of OPAs. The conclusions of said fairness opinion, once submitted to the Board of Directors for its knowledge, are intended to be communicated to the market no later than 24:00 on July 24,


  • In addition, and in compliance with the same duty of diligence, provide independent counsel with specific legal advice in order to validate the legal correction of all the steps taken during the OPA


In addition, the directors Miquel Àngel Bonachera Sierra and Sergi Audivert Brugué, said that they will specify by announcement to the market the exact percentage of shares that they will sell to Kaneka in the OPA process after the Board of Directors scheduled for July 24.