Liberbank considers that the offer of Abanca seems an «improvisation»

Liberbank considers that the offer of Abanca seems an «improvisation»

The entity will remain focused on its merger project with Unicaja because it believes that the OPA lacks the "necessary rigor" and does not treat all shareholders equally

For the time being Liberbank will not take into account the offer of acquisition presented by Abanca last Friday because it considers that it lacks the necessary rigor and has the appearance of being an improvisation, according to sources from the entity.

Liberbank will remain focused on its merger project with Unicaja without taking into account the takeover bid because they believe that what is presented does not guarantee the principle of equity that should prevail because it does not treat all shareholders equally.

The same sources explain that Abanca does not prove the solvency necessary to face the payment or a coherent financing plan, reason why they consider that behind this movement could be the interest of the entity that made the offer to access confidential information of a competitor .

Last Friday, Abanca revealed its intention to launch a takeover of 100% of Liberbank through a swap of shares with the Cajastur, Caja Extremadura and Caja Cantabria foundations, and the cash payment to the rest of the shareholders (close to 75% of the capital), at a rate of 0.56 euros per share.

After transferring his intentions to the board of directors of Liberbank, the company controlled by Venezuelan Juan Carlos Escotet asked to have access to his books to study them in depth and adjust to the reality of the business his offer, now based on the public information available.

On the other hand, sources linked to the Banking Foundation Cajastur have assured that there is no agreement with Abanca nor have negotiations or contacts with said entity been held. "All this makes us think that the final objective of the offer is something other than to address a serious corporate operation and through the usual channels," the sources add.

For all this, predictably, Abanca's offer will not be taken into account by the board of directors of Liberbank, they conclude.