Neinor Homes' stock price soars after the announcement of the takeover bid for Aedas Homes.

Neinor Homes shares have soared more than 13% in early trading, after the company announced on Monday the launch of a public takeover bid (OPA) for 100% of the capital of Aedas Homes, whose shares plummeted almost 10% in the opening session.

In this context, Neinor Homes shares rose 13.32% on the Continuous Market, the index on which they are listed, trading at a unit price of 15.48 euros around 9:20 a.m., while Aedas Homes shares fell 9.71% to 24.65 euros, 0.7% above the consideration to be paid in the transaction.

Specifically, the consideration that Neinor Homes --headquartered in Bilbao-- will pay for each share of Aedas Homes --headquartered in Madrid-- amounts to 24.48 euros , 10% below the last price marked by the real estate developer's shares at the close of trading on Monday.

Furthermore, this price will be adjusted to €21.33 per share (22% below the current valuation) after discounting the €136 million dividend recently announced by Aedas Homes, which will be paid in July.

Behind the takeover bid are the Orion European Real Estate Fund, Stoneshield Southern Real Estate Holding II and Welwel Investments , which directly or indirectly hold 29.5%, 25.7% and 13.5% of Neinor Homes' share capital, according to the company's statements to the CNMV.

Around €500 million will come from equity, as Neinor Homes has up to €185 million in available cash on its balance sheet and future cash generation, and could allocate an additional €90 million in future dividends pending distribution for this purpose.

In addition, the three main shareholders have made unconditional and irrevocable subscription commitments for a maximum combined amount of up to €260 million to support a €225 million capital increase by Neinor Homes through a private placement.

The remaining financing will come from a senior secured bond issue for a total amount of up to €750 million, which will be fully subscribed by entities managed, advised, or controlled by Apollo Capital Management or its subsidiaries. Any remaining amount after the consideration payment will be used to reduce Aedas Homes' debt.

To provide certainty of execution for the parties, Neinor Homes has signed a standby volume underwriting letter with Banco Santander and JP Morgan , under which the latter have agreed to secure an amount of up to €175 million, in accordance with standard terms for this type of agreement.

Neinor Homes, which expects to complete the acquisition in the fourth quarter of 2025, maintains that its leverage will remain within a "prudent" range of between 20% and 30% of its asset value.