Neinor offers 24 euros per share for the 1.85% of Aedas that it does not yet control, aiming to delist the developer. The shareholders' meeting will vote on the operation on November 17.
The subsidiary Neinor DMP BidCo, wholly owned by Neinor Homes, has launched a public takeover bid for Aedas Homes at 24 euros per share in cash. According to Infobae, the aim is to remove the developer from the stock exchanges of Barcelona, Bilbao, Madrid, and Valencia.
The offer affects the 1.85% of Aedas' capital that Neinor does not yet control. The company already owns 42,890,319 shares, which is 98.15% of the capital, and will keep them immobilised until the acceptance period ends, having committed its vote in favour of the delisting.
This is Neinor's third operation concerning Aedas. The first allowed it to acquire 79.2% of the capital, held by the American fund Castlelake, for 738 million euros. The second, completed in March, raised its stake to 96.8%, and it subsequently bought shares to reach 98.15%.
According to both companies' communication to the National Securities Market Commission (CNMV), the operation has no other conditions than the authorisation of this body and the approval of Aedas' shareholders' meeting. The extraordinary meeting is scheduled for November 17 on first call and November 18 on second call, although it is expected to take place on the first. The agenda also includes the dismissal of Ernst & Young as auditor and the appointment of Deloitte for the financial years 2026 to 2028, in order to unify the audit with that of its parent company.
The price of 24 euros matches the highest paid by Neinor DMP in previous operations and in the mandatory takeover settled in March. If the legal conditions are met, Neinor intends to require the remaining shareholders to sell their shares at the same price. To support the offer, Aedas' board has commissioned a report from KPMG Asesores, dated October 28, 2026, which places the company's value between 21.82 and 24 euros per share, with the offer at the upper end.
Aedas' board argues that the small floating capital, around 1.85%, limits liquidity and trading of the shares. The delisting will also allow the developer to eliminate the regulatory costs of being listed. The valuation takes into account the restrictions imposed by its financing with Apollo Global Management on land purchases, indebtedness, and dividend distribution.
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