The Board of Directors of the Securities Market Commission (CMVM) this Friday declared the lifting of the suspension of trading of shares of Cofina and Media Capital, following clarification from companies about the relationship between the two entities.
“The Board of Directors of the Comissão do Mercado de Valores Mobiliários approved on March 3, 2023 at 2:43 p.m., in accordance with Article 214 and subparagraph b) of paragraph 2 of Article 213 of the Portuguese Securities Code, the lifting of the suspension of trading in shares Cofina, SGPS, SA, upon disclosure of relevant information to the market”says the regulator in a statement.
The same happened with Media Capital shares, whose trading suspension was lifted.
The Securities Market Commission (CMVM) declared the suspension of shares in Cofina and Media Capital this Friday morning, “pending information relevant to the market”, following news from the Observer on Thursday that Media Capital is interested in a merger with Cofina and is conducting exploratory talks.
Media Capital, asked by the regulator to clarify the existence of negotiations, clarified that “as will happen with other companies in the media sector, GMC [Grupo Media Capital] is attentive and available to analyze business opportunities that may arise”.
In particular, “with regard to the acquisition of Cofina SGPS or assets or activities of this company, there is nothing relevant except what has been stated” in the previous paragraph, continues the owner of TVI.
Media Capital “is fully aware of the duties incumbent on it in terms of disclosure of privileged information”, and therefore “as it follows from what was stated above”, “there is no privileged information in this matter that should have been disclosed made to the market or whose disclosure has been suspended under legally agreed conditions,” concludes the group led by Mário Ferreira.
However, Cofina had already given its clarification, following the request of the CMVM “following the news published yesterday, March 2 at 10:34 p.m., by the newspaper Observador with the headline ‘Media Capital, owner of TVI, in negotiation to buy Cofina, owner of Correio da Manhã’.
Correio da Manhã’s owner and led by Paulo Fernandes “clarifies that, due to its nature as a holding company, it is constantly evaluating all business opportunities that can increase the value of its assets, from a buy or sell perspective”.
The group “clarifies that several external advisors have taken preliminary steps with a view to starting possible negotiations, which are currently being analyzed by the company, with no decision or talks currently underway between Cofina and, in particular, Media Capital or its shareholders, in connection with the matter of said news”.
The news of the purchase or business combination between the two companies comes on the eve of three years after the announcement of Cofina’s withdrawal from the purchase of TVI after the capital raising operation failed (March 11, 2020), dictating a different fate for Media Capital, with Mário Ferreira becomes reference shareholder.
Source: DN
