Gambling group Codere up on potential sale
Its owners, the Martinez Sampedro family, have not met the deadline for a repayment of debt which is outstanding with the company’s former owners the Franco family. In a statement, Codere said the two parties are in talks over a solution on how to make the payments, but as yet no agreement has been reached.
The Martinez Sampedro family owns 71 % of Codere, and were due to pay 188 million euros to the Franco family on October 31, as part of a payment for acquiring a 41 % stake in the gaming firm. Under the terms of the purchase agreement, if the Martinez family does not make the payment, it will have to renegotiate its debt or sell its stake.
Both the Martinez Sampedro family and the Franco family have the right under the initial contract to demand the stake be sold. Shares in Codere were suspended ahead of the announcement, trading down 3.16 % at 9.20 euros.
"We continue to think that a sale process will occur and Codere will raise interest, being a defensive stock," Ibersecurities analysts say in a note. Ibersecurities estimates valuations of between 13.50 and 21 euros per share for the company.
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