Neinor shares soar after it files tender offer to buy rival Aedas
Neinor shares were up 14% in early trading to 15.58 euros - their highest level since February - and on track for their best day ever.
Aedas shares, meanwhile, fell around 9.5% to 24.7 euros, a bit higher than the 24.49 euros offered by Neinor.
Aedas' largest shareholder - private equity firm Castlelake, which owns 79% of the company - already agreed to sell its stake at the offered price.
The transaction is "very positive for Neinor because it is purchasing at a significant discount," broker Sabadell said in a note to investors.
If successful, the takeover would make Neinor the largest residential developer in Spain, giving it control of around 20,200 homes in Aedas' portfolio, mainly in the Madrid region where residential real estate prices are soaring.
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