Top Naturgy Investors Out On IFM's 'Fair' €4.9B Tender Offer

By Benjamin Horney (September 17, 2021, 6:38 PM EDT) -- Naturgy said Friday that although IFM Investors' €4.9 billion ($5.8 billion) bid for a sizable stake in the Madrid-based energy and utility company stake is "fair" from a value perspective, two of its top shareholders will not tender their shares.

IFM Investors, an Australian energy investment firm, first launched its voluntary tender offer for a stake of up to 22.69% in Naturgy Energy Group SA in January. Under the terms of the proposal, IFM would pay €23 in cash per Naturgy share, or €4.9 billion in total if all 220 million shares were tendered.

On Friday, Naturgy issued a statement saying...

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