Hurry will sue Cofina for suspending the purchase of half capital

Media Capital groups the TVI chain, the Plural Producer Entertainment, several radio stations, the EPC decorated construction company and the Audiovisual Services Company (EMAV).

The Portuguese group co has reversed the acquisition operation of Media Capital, for which the group chaired by Javier Monzón planned to receive up to 124 million, which he was going to use to amortize debt.

Cofina has renounced to continue with the expansion of capital approved by its shareholders on January 29, "breaching the provisions of the contract of sale" of half capital, so it will undertake all the actions provided for in the aforementioned contract.

Hurry signed with Cofina a 100% sale of the shares of Hurry Hazar, which implied the indirect transmission of 94.69% of the capital social capital, which groups the chain TVI, the producer Plural Entertainment, several stations such as Commercial radio and M80, the decorated construction company EPC and the audiovisual services company (Emav).

After the failure of two previous sales sales of Media Capital (in 2009/2010 to Ongoing and in 2017/2018 to Altice), it was on September 21, 2019 when Cofina announced that it had reached an agreement with hurry to buy all the shares it has in half capital, valuing the company at 255 million euros (the operation included debt).

In the preliminary announcement of the OPA launch, the Cofina subject the success of the operation to a series of previous conditions, including the non -opposition of the Competition Authority (ACP), the authorization of the Regulatory Authority of the Media (ERC), the approval of the operation by the General Meeting of the Spanish company has been Medium capital purchase.

At the time of announcing the suspension of the operation, the registration in the Mercantile Registry of Portugal (Conservatória de Registo Commercial) of the capital increase was only pending.

Cofina had until March 10 to conclude the capital increase to finance the public acquisition offer launched on Media Capital.