Grupo Codere SA engages in a new investor dispute. The company’s founding Martinez Sampedro family demanded the company’s remaining US investors to purchase their minority stake.
The Martinez Sampedro family filed an appeal with Spain’s National Securities Market Commission (CNMV). It requested the regulator to demand that US investors pay a minimum of €900m for the family’s 14% stake in Codere.
Besides, the dispute arises from Codere’s 2018 bankruptcy restructuring. A group of US investors took control after renegotiating the company’s €1 billion debt arrangements.
Also, according to the family, US investors ‘purposefully bypassed’ recommending a takeover offer to minority shareholders after gaining 30% control of the company. The Spanish market takeover laws required