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The Commission for the Liquidation of IZAR has been informed about the non-bidding offers selected on the sale of IZAR´s assets

22/12/2005
Press release (Izar)

The Commission for the Liquidation of IZAR, during the meeting which it celebrated today, has been informed about the progress to the next stage of 9 of the 11 corporate groups which submitted non-bidding offers for the assets on sale.

The non-bidding offers were opened on November 28th, 2005 before a Public Notary, being present the Liquidation Commission, after which they were analyzed by the independent Assessor, for determining whether they met the necessary requirements for being regarded as valid bids. Once the examination of the documents submitted by each of the bidders had been completed, the independent Assessor communicated to the Candidates, whose bids presented some deficiency, that they had a 5 working-day period for correcting them.

Once the corrected documents were submitted, the independent Assessor has considered that 9 of the offers, of which 8 are for single centers and 1 for two centers, meet the requirements for being accepted, and they have progressed to the next stage of the process. The other 2 bids did not correct all the deficiencies observed, so that they have been automatically excluded from the process.

Once the bidding or final offers are presented, these will proceed to the following approval stages: the Commission for the Liquidation of IZAR, the Consultative Board of Privatizations and the Council of Ministers. As in all divestment processes, the parties are subjected to confidentiality commitments, which have been formalized through a document, and which must be kept until the winning bid is known, in the final phase of the process.


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