FA Mikey
Veteran
Iberia said the approach from TPG Capital, which was formerly called Texas Pacific, is valued at 3.60 euros, which after a week of gains for Iberia put the offer at a discount to Thursday's close of 4 euros a share.
In Madrid trading, Iberia closed 0.5% lower at 3.98 euros a share. The offer disappointed some. Merrill Lynch has a takeover valuation on Iberia of 4.30 euros a share. Also see Europe Markets.
Iberia's board will meet in the next few days to consider the approach and said it will ask TPG for more information about the potential bid.
Besides TPG, 10% Iberia holder British Airways and Germany's Lufthansa have been rumored as potential suitors.
British Airways has the right of first refusal on offers for an additional 30% of Iberia. BA and Iberia already have a code-sharing agreement.
British Airways said it's hired UBS to advise the airline operator on what to do with its stake. "The advice will examine all options, including a disposal of British Airways' holding," the company said in a statement to the London Stock Exchange.
In Madrid trading, Iberia closed 0.5% lower at 3.98 euros a share. The offer disappointed some. Merrill Lynch has a takeover valuation on Iberia of 4.30 euros a share. Also see Europe Markets.
Iberia's board will meet in the next few days to consider the approach and said it will ask TPG for more information about the potential bid.
Besides TPG, 10% Iberia holder British Airways and Germany's Lufthansa have been rumored as potential suitors.
British Airways has the right of first refusal on offers for an additional 30% of Iberia. BA and Iberia already have a code-sharing agreement.
British Airways said it's hired UBS to advise the airline operator on what to do with its stake. "The advice will examine all options, including a disposal of British Airways' holding," the company said in a statement to the London Stock Exchange.
