IENOVA reported that the Corporate Practices Committee received a non-binding definitive letter from Sempra Energy, regarding the take-over bid (OPA) for the outstanding shares (29.83% of IENOVA's total shares), in exchange for Sempra shares at an exchange factor of 0.0323. Based on the foregoing, the price per share of the takeover bid is MXN 87.20.
It should be noted that the exchange offer remains subject to the required governmental authorizations and to the opinion of IENOVA's Board of Directors, which will take into account the recommendation of the aforementioned Committee, which in turn will be supported by the analysis of an independent expert.
With this update, the OPA price for IENOVA shares improves ($82.00 previously), and is 5% above the current price. After the offer, which we believe will not be long before it is completed, attention will be focused on any news from Sempra Infrastructure Partners and any indication of its possible listing on the Mexican Stock Exchange.