We are very pleased to announce that the offer for Brisa by Tagus Holdings S.a r.l., which is 45% owned by Arcus European Infrastructure Fund 1, L.P. (“the Fund”), has now been approved by the Portuguese securities market authority, the CMVM. This was the final approval required to enable the offer to be opened to shareholders for acceptance.
Since the Preliminary Announcement of the offer on 29 March 2012, Arcus has been working hard towards this date, obtaining a number of pre‐offer launch consents, in particular competition clearance from both the Portuguese and US authorities. In the dialogue with the CMVM leading to the approval and also to improve the level of acceptances, Tagus Holdings increased its offer by 10 cents to €2.76 per share. Any additional funding necessary will be wholly met by the existing financing banks on the same terms.
The offer is open to acceptances from today, 17 July, to 8 August 2012, both dates inclusive. The offer is not subject to any minimum level of acceptances and therefore, as long as there are no significant unforeseen adverse events occurring during this offer period, Tagus Holdings will acquire whatever shares are properly tendered into the offer.
This information note (“Note”) has been prepared by Arcus European Investment Manager LLP (“Arcus”) for use solely for information purposes. Arcus makes no representations or warranties to the accuracy or completeness of any past, simulated or estimated performance results contain herein, and further nothing contained herein shall be relied upon as a promise by, or representation by, Arcus whether as to past or future performance results.