June 11, 2024 | Uncategorized
The battle for the acquisition or merger of the real estate investment trust (Fibras) Terrafina has intensified in recent days, as Fibra Prologis, Fibra Uno, and Fibra Macquarie have submitted their various offers to be the most attractive and viable option for Terrafina’s investors.
In this context, Terrafina has agreed to address the acquisition offers from six interested parties, including the three aforementioned Fibras, at its assembly with the holders of its real estate trust certificates on June 5, 2024, for the second time.
Terrafina plans to hire a tax firm and a financial advisor to review the offers received and conduct a comparative analysis so that the holders can make an informed decision.
The different offers from Fibras have set a value for the exchange of real estate trust certificates (CBFIs). Therefore, multiplying these amounts by the total number of CBFIs in circulation for Terrafina, which is around 772.5 million, would determine the total value of the operation offered by the various interested parties. At Datoz, we present this analysis.
Fibra Uno (Funo) set a period of 45 calendar days, starting from May 24, for Terrafina holders to analyze the merger of both Fibras. Funo considers valuations at equal multiples of the portfolios at a minimum value per CBFI of $49.63 pesos, resulting in a total value for Terrafina of $38.3 billion pesos.
Fibra Prologis initiated its public tender offer (OPA) and reciprocal subscription to purchase 100% of Terrafina’s outstanding capital stock on May 17. The offer consists of an exchange factor of 0.580x (times) Prologis CBFIs for one Terrafina CBFI.
Considering the price of Prologis’s CBFI as of May 29, the Fibra assigned a value of $38.13 pesos per Terrafina CBFI, resulting in a total value of $29.4 billion pesos.
Fibra Macquarie also aims to acquire Terrafina through a public tender offer (OPA) and reciprocal subscription. This offer consists of an exchange rate of 1.05x Fibra Macquarie CBFIs for each Terrafina CBFI.
Considering the price of Fibra Macquarie’s CBFI as of May 29, the price assigned to Terrafina’s CBFI is $31.80 pesos, resulting in a total operation value of $24.6 billion pesos.