It is official. Bestinver Spaniards, which owns more than 3% of Cimapa’s share capital, assured Negócios that they will not sell their stake in the company in the takeover offer that Sodim Holding has launched to the Queiroz Pereira family of capital that the company does not own.

One day after the requests made at the offer became irrevocable, Ricardo Sixas, president of Bestinver Investments in Portugal, assured Negócios that the decision had been made and that the manager would not sell the 3.08% stake he controlled in Semapa.

Ricardo Sixas reiterated the position he had already expressed regarding the conditions put forward by the family at the offer, adding that the price did not properly assess the company’s business. “We are sensitive to the fact that no work will take place if both parties are not satisfied,” the director concluded in statements to Business and “This is a price that you will not be able to accept.”

Sodim offered to acquire Semapa for € 11.66, after deducting dividends 51.2 cents per share already paid to shareholders, continuing through May 25, with a results-calculation session scheduled for the following day.

Bestinver is a historical investor in Semapa and owns the second largest position, after Sodim, which controls about 74% of the equity. In addition to Bestinver, Cobas AM and Norges Bank also have qualifying ownership of 2.05% and 2.13%, respectively.