Get all your news in one place.
100's of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Euro-Syns Agrees To Tender Full Zardoya Otis Stake To Otis' Offer

  • Otis Worldwide Corp (NYSE:OTIS) subsidiary inked an agreement for Euro-Syns, S.A. to voluntary tender stake in Zardoya Otis, S.A. at an offer price of €7.14 (€7.07 after adjusting for announced dividends). 
  • The offer price pre-dividends of €7.21 represents a premium of 33% to Zardoya Otis's one-month volume-weighted average price as of September 23, implying a total equity value of €3.39 billion. 
  • Related Content: Otis To Buyout Interest In Zardoya Otis
  • The transaction is an all-cash voluntary tender offer and will delist Zardoya Otis from the Madrid, Barcelona, Bilbao, and Valencia Stock exchanges and is expected to close in 2Q22.
  • Otis expects the transaction to be up to mid-single-digit percentage accretive to its adjusted EPS starting 2023 and FY22 EPS accretion to be in a range of 3 to 5 cents. 
  • Otis obtained permanent debt financing for the transaction on November 12, 2021. 
  • Price Action: OTIS shares are trading higher by 2.13% at $84.08 on the last check on Tuesday.
Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Stephen Colbert to write new Lord of the Rings film after end of the Late Show
Comedian and avid Tolkien fan to write the Lord of the Rings: Shadow of the Past, a new Peter Jackson-produced film based on unadapted chapters of The Fellowship of the Ring
The Guardian - AU
The Guardian - AU
A Woman Driving Next To Matt LeBlanc Recognized Him, Then Immediately Got Into A Car Accident
I wonder how many "fame accidents" there have been, overall?
Cinemablend
Cinemablend
I’m Shook Over The Historic Milestone Spider-Man: Brand New Day’s Trailer Just Hit
This is astounding!
Cinemablend
Cinemablend
Khloe Kardashian feared Lamar Odom reality show could 'jeopardise family brand'
Khloe Kardashian feared Khloe and Lamar could "jeopardise the family brand" but her then-husband pushed for the show.
BANG Premier
BANG Premier
“I laughed my head off! Like, ‘Oh my God, what have we spawned?’” Keith Richards shares his response to the Sunset Strip shredders of the 1980s
Richards never had any interest in becoming a lead player – and the early innovators of the shred movement did not change his mind
Guitar World
Guitar World
“A few years ago, I decided, ‘I'm just going to play trumpet every day, no matter what. And after a couple of years of doing it, I'm going to make a record’”: Flea covers Frank Ocean and explains why he’s scratching a long-standing itch on his new album
Watch him doing double duty on trumpet and bass in the company of Jimmy Fallon
MusicRadar
MusicRadar
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play