Shares in property developer Aedas Homes fell nearly a quarter on Wednesday 7% on the stock marketaffected by the possible interest of Castlelake, its main shareholder, to exit the capital after having remained in the company for more than 10 years and its price being at its highest in the last three years.
However, market sources consider that this operation makes sense, even though it has been around for years and is taken for granted by investors.
As a result, its price was affected this Wednesday, falling to 8.65% at some points during the session. Finally, its share price closed at 23.15 euros, 6.84% below Tuesday’s closing price. The previous biggest drop was on March 22 of this year, by 11.5%, but at that time due to the dividend effect.
The US fund is already working with financial advisers to seek potential interested parties to acquire the 70% stake it controls in Aedas Homes.
“Bad news” for the company
Similarly, an analysis of Interbank stresses that, if this departure were confirmed, it would be “bad news” for the company and would mean completely excluding the possibility of Castlelake launching a public takeover bid (OPA) to exclude Aedas.
Banco Sabadell also points out that this operation would require the potential buyer to launch a public purchase offer, since exceeds 30% maximum set by the regulations to avoid having to launch an offer for 100% of the company.
“We would not be surprised if Castlelake left Aedas, given that it has been invested in the project for 10 years, a longer period than normal in venture capital, and given that the performance of the stock has been very positive in the last two years,” adds Sabadell’s analysis.
