Blas Herrero presents an "unsolicited" offer by the PRISA media

Headquarters of the PRISA group in Gran Vía, Madrid.Andrea Comas

Asturian businessman Blas Herrero has submitted a takeover bid for the PRISA media business unit, editor of EL PAÍS, as reported by the media company to the National Markets and Securities Commission (CNMV).

The proposal "has not been requested by PRISA" and, according to its own terms, "is not binding until certain conditions are met."

The proposal does not constitute a public offer to acquire shares of PRISA.

PRISA points out that the board of directors will "analyze the proposal" and adopt "the appropriate measures", of which the group will report to the market "when appropriate, in compliance with its obligations".

Given the information published by various media about Herrero's offer for PRISA's media business unit, the CNMV suspended the PRISA shares this morning at first hour of trading “due to circumstances that could disturb the normal development of operations on the aforementioned values ​​”.

The media group's shares returned to trading as of 1:30 p.m. after receiving authorization from the stock market supervisor.

PRISA's shares are rising 21% on the stock market to reach a price of 0.87 euros per share.

Following a request for information from the CNMV, Blas Herrero has acknowledged to the supervisor that “he has submitted a letter to the board of directors of PRISA, which includes the offer to acquire the assets, both written, radio and audiovisual, of the group that constitutes PRISA ”.

Herrero explains that the proposal does not include the education business unit.

In his response to the request of the CNMV, the Asturian businessman, owner of Kiss FM, details that "the acquisition of PRISA's media businesses would be implemented through a limited liability company in which a group of investors, led by Blas Herrero, it would have a significant stake, but not necessarily control ”, adds the businessman.

Herrero assures that he offers the shareholders of PRISA to participate in the capital of that company by making, like the aforementioned group of investors, monetary contributions to its capital stock.

The offer is subject to

confirmatory

and other customary conditions.

It is pending evaluation by the board of PRISA and, where appropriate, approval by the general meeting of shareholders of PRISA, concludes Herrero's statement to the CNMV.