The National Securities Market Commission (CNMV) agreed this Thursday that The formulation of a public offer for the acquisition of shares by Eurofondo in Ayco Grupo Inmobiliario is not required «when it exceeds the percentage of voting rights equal to or greater than 30%.» This exemption from launching a takeover bid was requested by Eurofondo. This percentage is will exceed the capitalization of loans approved by the general meeting of shareholders of Ayco on June 26, 2023, which also agreed to a capital increase with monetary contributions with preferential subscription rights that will be carried out after capitalization. The regulator has highlighted that the exemption from the obligation to formulate a takeover bid is planned «when certain requirements are met which include that control is acquired through an operation resulting from the capitalization of credits, that the financial viability of the listed company is in serious and imminent danger, even if it is not in bankruptcy, and that the operation is designed to guarantee recovery long-term financial situation of the company.» In this case, the CNMV considers that «The aforementioned requirements are appreciated in the operation«, as stated in the documentation presented by the companies.